MUMBAI (Commoditiescontrol) - Pulses complex featured a weak tone during the period under review on lack of buying interest followed by good kharif pulses sowing progress.
Chana: Chana opened the week on a stronger note recouping the previous week’s losses. But increased selling pressure/profit booking pressured prices lower to around Rs 8,400/100kg levels in bench mark Delhi down by Rs 700/quintal. Lack of buying interest by millers following dull offtake in dal also added to the weak tone. Fears of government action due to rising chana and chana dal prices further dampened the sentiment. However, some renewed buying is seen towards the week end which is supporting the prices besides prevailing strong fundamentals.
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Kabuli: Prices are seen following the similar trend, as witnessed in chana. Buying activity remains subdued in the market following lack of export demand. Sources, reported that due to disparity in prices, international demand is switching to other countries like Sudan, Turkey, Tanzania etc. which pressurising the prices. However, prevailing tight supply situation and upcoming festivities ahead, restricting any major down side in prices.
Tur: prices continued to trade weak during the week on lack of buying interest. The Lemon variety tur in bench mark Mumbai tumbled to Rs 8,300/100kg from last week’s closing of Rs 8550/100kg. Sources, reported that millers are trying to selling their stuff in the markets but buyers are not in hurry amid anticipation of further decline in prices which is dampening the market sentiment further besides higher acreage report of ministry of Agriculture. However, these levels looks attractive for buying and demand is expected to emerge at any point of time as festivities are down the line in days ahead besides expected regular month end demand.
Urad: mostly traded weak during the period on the back of poor offtake and comfortable supply due to regular inflow of imported stuff. However, some improvement is witnessed in prices during mid-week on tender of Tamil Nadu Civil Supply Dept. but failed to sustain thereafter on supply pressure and turning bearish sentiments of the market on the back of higher acreage report. Besides, re-sowing reports in the rain affected areas of Madhya Pradesh further extended weakness. Nevertheless, the festive seasons are about to start and prices have already declined too much, thus, demand at these level cannot be ruled out which would remain supportive for prices in short term.
Moong: a range bound movement witnessed in moong prices during the week. Comfortable supply from both desi and imported stuff are keeping prices in check besides higher area coverage in key growing states. However, buying interest at these levels is seen restricting downside in prices. We expect a range bound movement to continue for the coming week.
Masoor: prices mostly remained flat during the period under review. Concerns over the possibility of pest attack in Canada due to excess moisture condition remained supportive for the market despite subdued demand. However, overall the world supply is expected to surge which would weigh on prices once the shipments start arriving at the Indian ports which is likely from September.
(By Commoditiescontrol Bureau; +91-22-40015533)
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