MUMBAI, April 08 (Commoditiescontrol): During the week ending on April 8, the prices for Canada crimson variety Masoor and Australia Masoor remained stable in Mumbai and Mundra, mainly due to thin mills buying activity. However, the trade volume was low due to sluggish demand for Masoor dal, and the markets were closed for festival holidays.
However, Canada Masoor prices traded firm at Kolkata, rising by Rs 25/100Kg due to select mills' need-based purchase and less availability of Canada Masoor stock. Conversely, Australia Masoor prices declined by Rs 50/100Kg as mills demand was slack, and there was sufficient availability of Australia Masoor stock.
During the week, domestic Masoor prices in Indore remained stagnant due to market holidays. Meanwhile, in Kanpur, prices decreased by Rs 175/100 kg as mills made sluggish purchases and arrivals gathered pace. On the other hand, Madhya Pradesh origin Masoor prices for Delhi delivery fell by Rs 75/100Kg due to dull buying by mills, as offtake in Masoor dal was slack.
In Mumbai, the price of Masoor dal produced from Canadian origin Masoor stayed unchanged, trading in the range of Rs 7,300 to Rs 7,500/100 kg due to limited demand from wholesalers and retailers. On the other hand, Masoor dal produced from domestic origin Masoor at Katni closed weak by Rs 50 at Rs 6,600-7,100/100Kg.
International Updates:
In February, Australia's lentil exports rose sharply to 223,581 MT, up 83% from the previous month. India was the top consumer, followed by Bangladesh and Sri Lanka. Meanwhile, Canada's red lentil exports reached 116,479 MT, up 3% from the previous month, with Turkey being the top destination, followed by the United States and Belgium. So far, Australia has exported 534,248 MT, while Canada has exported 959,548 MT.
As per technical chart - Canada Masoor (Mumbai) - Counter-trend Rally / Next resistance at Rs 6,300. Click here
Trend: Masoor prices are not expected to have much upside due to the arrival of new crops in the domestic market and the supply of cheaper Masoor from Australia. However, the Tur production shortage will likely keep prices supported at lower levels. The major trend will depend on the CNF quotes of Australian and Canadian Masoor. If they remain firm, there may be a limited downside. However, if these origins decide to reduce prices to compete with domestic origin Masoor, there could be a sharp fall in the coming days.
(By Commoditiescontrol Bureau; +91-9820130172)
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