Mumbai, 25 Apr 2024 (Commoditiescontrol):rad prices continued their downward trend in Myanmar's Yangon market, impacting both local and CNF (Cost and Freight) trades with India. SQ urad prices fell by 40,000 MMK/MT, and FAQ urad declined by 30,000 MMK/MT, primarily due to sales by stockists.
Market sources suggest a potential change in government policy regarding forex conversion rules for export earnings. This change could negatively affect stockists and exporters. Which has resulted in selling by stockiest and exporters .This impact was relected in CNF India prices which deckined by $15/Mt for Burma SQ and FAQ urad.
Despite the decline in Myanmar, urad prices within India's domestic market remained unchanged. This stability is attributed to a combination of limited desi and imported urad supplies, coupled with sluggish summer demand.
Market analysts anticipate that domestic urad prices will stay largely stable in the short term. This is due to severe supply limitations caused by reduced domestic production. Furthermore, the summer urad crop is not expected to reach the market until late May or early June, further supporting stable prices.
However, potential urad supplies from Myanmar will significantly influence domestic supply and prices in the near future.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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