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Weekly: Most Pulses Weaken Barring Tur & Urad

14 Mar 2020 6:56 pm
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MUMBAI (Commoditiescontrol) – Urad and Tur moved higher for the week ended 14th March due to active participation by traders at lower rates. While, Chana/Kabuli Chana, Masoor, Moong and White Pea slipped on dull buying interest and new domestic arrivals. Green Pea prices were muted on sparse trade activity.

Week Highlights

# The government approved a scheme for reimbursement of taxes and duties to exporters with a view to give boost to the country's dwindling outbound shipments.

Burma Lemon Tur:

Tur Lemon variety of Burma-origin gained by Rs 75 at Rs 4,825/100Kg in Mumbai amid some fresh millers' trade activity at lower rates following firm cues from domestic markets.

Even new domestic Tur, in bilty trade, at Akola traded higher by Rs 25-50 at Rs 5,125-5,150/100Kg due to fresh buying support at lower rates.

Regular demand and sale counter witnessed some activity in Tur dal at prevailing rates.

Pace of Tur procurement by Government, from producing states, has upped providing cushion to the prices.

Latur-origin new Phatka variety traded in the range of Rs 7,500-7,700/100kg, for spot. Gujarat-origin Wasat new Phatka variety at Rs 8,100-8,300/100Kg, Jalna-origin new Phatka variety at Rs 7,800-8,100 (Spot), Khamgaon-origin new phatka variety at Rs 7,300-7,400/100Kg and Solapur-origin new phatka variety at Rs 7,450-7,550/100Kg (Spot).

Trade is of opinion that Tur prices are likely to get support due to low carryover stock and empty pipeline. The millers/traders have been trading hand-to-mouth due to liquidity crunch and Government policy. Some buying from stockiest was reported. However local market players were active in purchasing new Tur for outstation traders and millers. Bulk buyers are yet to be seen.

Burma Urad:

Burma-Urad FAQ new/old variety traded higher by Rs 100, each, at Rs 5,950/100Kg and Rs 5,800 respectively, at the Mumbai market as millers were interested to purchase imported Urad at prevailing rates to meet their requirement for crushing.

Similarly In Chennai, Urad FAQ/SQ varieties moved northward, each by Rs 50-150, to trade at Rs 5,850/100Kg and Rs 6,350, respectively, in ready delivery, as per condition.

Stock of Urad FAQ variety was reported to be negligible in Delhi.

Even urad supply from Burma to Chennai was reported to be slow paced.

According to Burma-based trader, two vessels are expected to load Urad for India on 17th and 19th March. Each vessel is expected to carry 500-600 containers of Urad. Local buyers were interested in liquidating Urad and purchasing Tur.

Although, demand and sale counter in processed Urad is thin. But it is expected to bounce back, with the onset of summer season, for its requirement in papad-making process.

Meanwhile, Jaipur High Court postponed the hearing on pulses import restriction till March 18, 2020.

Even Supreme Court has pushed the date of hearing on pulses import restriction till March 16, 2020.

The hearing is regarding non-issuance of Customs clearance to containers of urad imported against the stay order.

Meanwhile, Supreme Court postponed the hearing on pulses import restriction/Licence Cancellation till March 20, 2020.

Bikaner-origin branded Urad dal traded at Rs 8,100-8,300/100Kg for spot. Tiranga brand of Mumbai was priced at Rs 8,500/100Kg for Mumbai delivery, Parivar brand of Jalgaon was quoted at Rs 8,100/100Kg for spot.

Guntur-origin Urad gota traded at Rs 8,100-8,200/100kg in spot.

As per trade sources, Urad prices are likely to be cushioned due to kharif's lower output and degradation in quality. Millers are facing difficulty in obtaining good quality Urad to crush due to degradation in quality of Kharif Urad. Hence, they are interested in purchasing imported Urad. However, ongoing arrivals in Andhra Pradesh will keep the prices under check. The extension of Government deadline for importing additional Urad, to 30th April 2020, has pressurised the sentiments as well. Nearly 2.5 lakh tonnes of Urad is likely to reach India, as per given quota.

Chana Kantewala (Indore):

Chana prices slipped by Rs 100-150 to Rs 3,800/100Kg in Indore, amid cautious buying, just to meet their immediate requirements for crushing and liquidity crunch.

Availability of new domestic Chana at lower rates, higher output estimates, NAFED's stock liquidation in selected states, continues to pressurise buyer sentiments.

Demand for chana dal and besan is also reported to be lukewarm at the wholesale/retail counters.

In Mumbai, Tanzania-origin Chana declined by Rs 100-150,quoted at Rs 3,600-3,650. Similarly Burma origin chana went down by Rs 100 at Rs 3,600/100Kg, due to availability of new domestic Chana at cheaper rates from Maharashtra.

Chana for April delivery on National Commodity and Derivatives Exchange (NCDEX) settled unchanged at Rs 3,768/100kg. Earlier, in the day, the contract hovered in the range of 3,668 and 3,800 on Friday.

Open interest for NCDEX March contract decreased to 5550 lots against 7630 lots.

Similarly, open interest for April contract slipped to 27050 lots against 28620 lots.

However open interest for May contract increased to 12300 lots against 8800 lots.

Open interest of top 10 trading clients in the long side was 21060 MT, whereas the short position of top ten clients was 29040 MT. The net position of top 10 clients was net short by 7980 MT.

Chana stocks at NCDEX accredited warehouses was reported to be nil.

New Domestic chana dal of Pistol brand was quoted weak at Rs 4,850 for Spot, Angel brand at Rs 5,000 for Spot, Samrat brand at Rs 5,100 for Spot. Similarly, Chana besan traded lower at Rs 2,930/50Kg.

In Mumbai, all origin Kabuli Chana, such as Sudan and Ethiopia, kabuli chana fell by Rs 50-150 each at Rs 3,600-3,650/100Kg, respectively. Similarly,Russia and Burma origin chana lost Rs 50-100 each at Rs 3,700-3,750 due to dull trade activity and new arrivals in selected markets. Liquidity crunch owing to lesser interest shown by besan flour millers and weak trend in Chana prices are weighing on imported Kabuli Chana prices.

Kabuli chana of 40-42, 42-44 and 44-46 counts declined by Rs 150 each at Rs 6,000/100Kg, Rs 5,800 and Rs 5,600, respectively, at Indore market amid slack local buying activity.

Dollar-variety Kabuli Chana was quoted weak at Rs 4,800-5,300/100Kg at Indore.

As per market sources, NAFED is likely to halt procured old Chana selling in open market from 14th March 2020. However, Chana prices are likely to be under pressure due to higher output and major stock holding by government. Arrival pressure of new domestic Chana will be witnessed soon in Maharashtra, Madhya Pradesh and Rajasthan.

Chana's price movement will depend on quantum of Government's stock liquidation, as they need space for fresh procurement. Meanwhile, medium-term outlook for chana is bearish. Sell on rise is reckoned to be the best strategy for trade.

Imported Masoor (Mumbai):

Canada and Australia Masoor prices in Mumbai, along with Canada Masoor at Mundra and Hajira port dipped Rs 25-50/100Kg.

Millers refrained from purchasing following weak sentiments in other pulses. Ongoing arrival of new crop in Madhya Pradesh and Uttar Pradesh is keeping a lid on price gains.

Meanwhile demand in processed masoor from consumption centres was reported to be slack.

Canada-origin red Masoor in container traded weak by Rs 50 at Rs 4,625/100Kg.

Canada crimson variety Masoor fell by Rs 25-50 at Rs 4,475/100Kg and Rs 4,500 at Mundra and Hajira port, respectively.

Australia-origin red Masoor was quoted lower by Rs 50 to trade at Rs 4,650/100Kg.

Canada Masoor dal Khopoli spot ruled unchanged at Rs 5,550/100Kg.

Fresh supply around 28000 MT of Masoor in breakbulk vessel from Canada was reported at Kolkata port.

In forward business, Canada crimson variety Masoor new is being offered at $510 per ton in container on CNF basis JNPT for April/May shipment and Australia Nugget variety Masoor at $530 per ton for March/April shipment.

Imported White Pea (Mumbai):

Canada-origin White Pea at Mundra port, fell Rs 100-150 to Rs 5,450/100Kg, amid dull buying, weak trend in Chana and increased arrivals of White Pea in Uttar Pradesh.

On the other hand, Uttar Pradesh/ Madhya Pradesh-origin new White Pea traded at Rs 4,025/100Kg and Rs 3,925, respectively in Kanpur.

The reason behind this dullness lies in the shift of White pea's trading volume, as the preference stays with Chana/Kabuli Chana due to cheaper prices and easy availability.

Consumption in Chana dal/besan was reported to be thin, despite lower prices.

The peas could not find support, despite tightness in ready stock.

However, imports are unlikely as Government imposed the CIF value of Rs 200 per kg as Minimum Import Price for peas.

Meanwhile, Supreme Court postponed the hearing on pulses import restriction till March 16, 2020.

Jaipur High Court has pushed the hearing on pulses import restriction till March 18, 2020.

The hearing is regarding non-issuance of Customs clearance to containers of White Pea imported against the stay order.

White Pea dal/besan traded range bound amid thin activity. Vatana dal traded at Rs 6,800. Vatana besan of second quality priced at Rs 3,560/50 Kg.

Moong (Jaipur):

Moong prices traded lower for second straight week by Rs 200 at Rs 7,200-7,400/100Kg, as per quality, at Jaipur market due to slack buying activity. Even moong dal prices dipped Rs 100 at Rs 8,200-8,300/100Kg, for different varieties.

Trade activity was reported to be slow, following weak sentiments in other pulses.

Demand and sale counters in processed Moong was reported to be thin, as well.

NAFED has been actively selling procured Moong in selected states.

At Naya bazaar market of Delhi, Rajasthan new kharif Moong traded weak at Rs 7,550-7,850/100Kg.

As per trade sources, prices of Moong are likely to stay rangebound on slow demand at higher rates and the arrival of summer crop from various states (Odisha, Bengal and Bihar).

Canada Green Pea (Mumbai):

Canada-origin Green pea was unchanged at Rs 11500/100Kg in Mumbai amid limited buying activity as per quality and requirements against limited stock.

Meanwhile, Supreme Court postponed the hearing on pulses import restriction till March 16, 2020.

Jaipur High Court postponed the hearing on pulses import restriction till March 18, 2020.

The Customs Department is yet to issue clearance to the containers stuck at Mumbai ports, lending support to the pea.

Also, Government had imposed the CIF value of Rs 200 per kg as Minimum Import Price for peas.

(By Commoditiescontrol Bureau; +91-22-40015513)

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