MUMBAI, March 25 (Commoditiescontrol) – Burma-origin and domestic variety Urad rose for the second straight week ending March 25th, 2023, on better millers buying, limited supply from Burma, higher landed costs for importing, and increased mills buying activities for crushing to meet consumer demand.
Burma Urad SQ variety declined by Rs 75/100Kg on thin mills demand at higher rates and arrivals of rabi Urad from Krishna and Prakasam districts of Andhra Pradesh.
Domestic variety Urad price extended rise Rs 400-450 to trade at Rs 7,250-8,050/100Kg at Jalgaon on need-based mill demand to meet the immediate requirement for crushing.
Offtake in Urad dal was also better for the second week, leading to an increase in price by Rs 150-200 at Rs 9,600-10,400/100Kg at the Mumbai market.
Krishna district's new rabi Urad crop traded unchanged at Rs 7,700-7,725/100Kg for Guntur delivery & Rs 7,500-7,525 for Vijaywada delivery. The Branded Urad Gota variety witnessed steady trade at Rs 10,000/100 kg.
The price of Burma Urad FAQ-SQ, CNF Chennai settled weaker by $15/MT at the Yangon market as sellers were active at higher rates. There may be more selling pressure in Urad in Yanggon market before the water festival holiday, which begins on April 13 2023.
The value of the Burmese kyat remained unchanged against the US dollar, with 1 US dollar equivalent to 2850 Kyat, the same rate as the previous week.
As per technical chart - Burma Urad SQ (Chennai) - Positive short term trend / Next resistance at Rs 8,500. Click here
As per the technical chart - Burma Urad FAQ (Mumbai) - Positive short term trend / Next resistance at Rs 7,450. Click here
Trend: It is expected that the Urad price trend will encounter resistance at higher rates due to a decrease in buying from millers. Additionally, the supply from Burma may increase at higher rates due to active sellers, and stockists/traders may book profits before the upcoming water festival holiday that commences on April 13, 2023. Moreover, new rabi crop arrivals in the Krishna and Prakasam districts of Andhra Pradesh are expected to be abundant due to a good crop. Finally, trade volume is anticipated to decline in the upcoming days as the financial year-end draws nearer, which typically coincides with a financial liquidity crunch.
(By Commoditiescontrol Bureau; +91-9820130172)
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