Week Ahead: Slow Demand Expected to Keep Kabuli Chickpea Prices Under Pressure

Mumbai, April 15 (Commoditiescontrol): During the week ended April 15th, 2023, the prices of the Kabuli Chickpeas variety of 42-44 and 44-46 counts experienced a decline in Indore due to weak demand from both the domestic and export markets at higher rates, coupled with steady arrival.

Indore's benchmark market witnessed a drop of Rs 600 per 100 kilograms in the rates of both 42-44 count and 44-46 count varieties of Kabuli Chickpeas. Similarly, the Free on Board (FOB) price of Kabuli Chickpeas with 42-44 and 44-46 counts decreased by $70 to $1,535 per metric ton and $1,505 per ton, respectively, which is a $75 decline.



As per technical chart - Kabuli Chickpea (Indore) - Correction underway / Next support at Rs 10,500. Click here

Trend: The price of Kabuli Chickpeas could face downward pressure next week due to various factors. Firstly, the upcoming Eid al-Fitr holiday is expected to result in reduced trading activity in both domestic and international markets. Secondly, the conclusion of Ramadan may lead to a slowdown in export demand. Thirdly, domestic traders may be reluctant to purchase at higher rates, and regular arrivals may contribute to oversupply. In addition, there is a possibility of government intervention to regulate pulse prices, which could have an adverse impact on the prices of Kabuli Chickpeas. If the government takes measures to control pulse prices, it could cause downward pressure on the prices of other pulses, eventually affecting Kabuli Chickpeas' prices.