MUMBAI (Commoditiescontrol) - Most of the pulses traded with positive note last week at the key markets due to improved demand at the lower level amid thin inventory with traders, millers and stockists. Other hand masoor was exception to positive trend and dropped 1.26 percent in the absence of demand and new crop supply pressure.
Chana Kantewala (Indore) - Last Close 5200 - Chana was among the top gainer in pulse complex last week registering sharp rise of 25.33 percent supported by strong demand from millers at the higher level due to increased inquiries for processed chana ahead of festivals like Holi and Gudi Padwa. Chana prices earlier this on February 28 has dropped to Rs 4,600/100kg.
Further supply of chana has slowed down from Australia. Chana imports at one of the key port, Nhava Sheva during February month dropped 67.50 percent at 65,207 metric tonnes from 200,663 metric tonnes a month ago. Most of the domestic demand earlier was met through imports, but now new crop supply has started in full fledge and likely to restrict any sharp rise from hereon.
Chana crop is said to be good and the country is likely to harvest 91.2 lakh tonnes of crop this season, sharply up from 70.60 lakh tonnes last year.
The recent rise in chana is likely to capped due to rising consumption trend of matar dal, matar besan in North India due to very competitive rates, which may slow down consumption of chana and its by-products and to weigh on its prices followed by good supply of new crop in most states.
At present Australia chana is in good demand as millers don't prefer new crop due to higher moisture and quality issue, whereas such issue was witnessed in Australia origin chana. However demand for local chana will improve going forward.
Desi Moong (Jaipur) - Last Close 4,400 - Desi moong at the benchmark Jaipur market also dropped to multi-year low in the absence of any encouraging advices from buyers side. Moong last week edged lower by 2.2 percent. Demand in the spot market from millers were mostly need-based as buyers anticipate moong to be available around current level in long term due to higher production.
Burma Urad FAQ (Mumbai) - Last Close 5,500 - Good demand from traders, millers and stockists at the lower level followed by slow supply from overseas, mainly from Burma, pushed its prices by 12.22 percent, to 1 month high at Rs 5,500/100kg last week. Buyers attracted to procure the commodity as they anticipate that demand in processed urad will arrive ahead of festivals, which was also acted as positive factor.
Urad is likely to trade steady to positive in near term, but upside limited as new crop from Burma and local crop is likely to keep prices under pressure.
Canada Matar (Mumbai) - Last Close 2,351 - Canadian matar gained 1.73 percent last week due to improved domestic demand at the lower level of local and overseas crop. Demand is comparatively good in matar due to lowest in pulse complex and used as substitute for chana. Demand for matar is likely to remain better due to increasing consumptions, mainly in North India, where it widely used as matar dal and matar besan. However any sharp upside will be restricted due to continuous flow from overseas and much better domestic crop.
Burma Lemon Tur (Mumbai) - Last Close 4,150 - Burma lemon tur last week notched gain of 1.21 percent amid some good demand from millers due to empty pipeline and lower rates. However millers are procuring material only as per near term requirements due to restricted demand from retail and wholesale counters. Further local and overseas supply also likely to restrict any major upside.
Tur supply in the country is more than sufficient and in case higher imports reaches to domestic ports than further correction in prices can't be ruled out. Further mango crop this season in the country is said to very good and hence it is likely to available at the lower rates in the season. Mango is also used as substitute for tur dal.
Maharashtra government has revised higher stock limit on pulses, however much impact on pulses prices unlikely as it is only up to March 31.
(By Commoditiescontrol Bureau; +91-22-40015533)
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