Mumbai, April 08 (Commoditiescontrol): During the week ending April 08, 2023, the price of Kabuli Chickpeas continued to rally due to steady demand in both, the domestic and export markets, particularly from Gulf countries, Turkey, and Sri Lanka. Furthermore, the rally was also fueled by Algeria's purchase tender for approximately 1000-1500 MT of chickpeas.
In Indore's benchmark market, the rates for the 42-44 count and 44-46 count variations of Kabuli Chickpeas rose by Rs 600 per 100 kilograms each. Likewise, the Free on Board (FOB) price of Kabuli Chickpeas with 42-44 and 44-46 counts increased by $70 to $1,605 per metric ton and $1,580 per ton, respectively, indicating a $70 rise.
International Update:
The global chickpea markets remained firm over the past week due to uncertainty about the international production levels for the current year. Although North America expects an increase in seeded area and production compared to last year, doubts arise due to the growing area's late seeding and wet field conditions caused by extended winter weather. Furthermore, there is anticipation among markets that India, Turkey, and Mexico may experience reduced output, resulting in the potential for a strong Kabuli chickpea market during the 2023-24 marketing year, driven by an increase in export demand.
Trend: There is high probability of Kabuli Chickpea prices to continue trend higher backed by strong domestic and export demand from Gulf countries, Turkey, and Sri Lanka. Furthermore, sources suggest that Algeria's recent purchase tender of approximately 1000-1500 MT will also contribute to the rally in price. However, it is unlikely that the elevated level of prices will be sustained as demand may decrease significantly once the Ramzan demand subsides. Ramzan is scheduled to end on April 24.
(By Commoditiescontrol Bureau; +91-9820130172)
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