Mumbai, 11 Apr 2024 (Commoditiescontrol):Urad prices in the domestic market have seen a moderate increase, driven by gains in Burmese urad prices. The rise in Burmese prices is attributed to increased demand from local stockists and Indian importers ahead of the Water Festival holiday in Burma.
Burmese urad prices in the Yangon market have risen, influencing a corresponding increase in the domestic Indian market by Rs 50-75 per quintal. Desi urad prices in Guntur and Vijaywada have also witnessed gains in line with the Burmese urad price trends.
The recent surge in urad prices can be partly attributed to the impending closure of the Burmese market from April 12th due to the Water Festival. This prompted Indian importers to secure their requirements earlier in the month.
However, market experts anticipate a potential correction in the ongoing price rally. As the purchased urad shipments arrive at Indian ports, increased supply could ease price pressures. Additionally, a recent government mandate requiring weekly disclosure of pulses stocks might negatively impact market sentiment, further contributing to a potential price correction.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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