MUMBAI, April 16th (Commoditiescontrol): During the week ending April 15th, 2023, there was a decrease in the price of Tur from Burma and Africa. However, the government is concerned about the rising prices of pulses in an election year and is taking action to address the issue. To ensure that the government makes the right decision, stockists, millers, food processors, and traders are pressured to declare their pigeon pea (tur/arhar) and black gram (Urad) stocks.
All levels of traders are feeling this pressure, as the government is actively reaching out to small-to-midlevel traders to make them aware that they are under government surveillance. A senior officer of the DoCA, who recently visited Latur mandi in Maharashtra, one of the largest tur markets, stated, "We are knocking on the doors of every possible trader to ensure they feel the pressure of government scrutiny."
The Akola market saw a decline in the price of desi Tur, which fell by Rs 75 in Bilty trade and closed the week at Rs 8,675-8,700/100Kg. This was due to a lack of buying from local and outstation mills, as there was a dull offtake of dal due to government intervention, despite falling arrivals. However, at the Gulbarga market, Tur prices rose by Rs 100 to Rs 8,000-8,500/100Kg, depending on quality. This was due to need-based mills purchasing for crushing operations and lower arrivals.
The prices of domestically processed Tur dal made from new crop Tur in Katni and Akola also dropped by Rs 150-200/100Kg due to a dull offtake. Meanwhile, prices in Gulbarga remained steady due to limited activity.
In contrast, the prices of Tur dal made from Burma and Mozambique origin Tur increased by Rs 100/100Kg due to a fresh offtake, as it was offered at a steep discount to domestically processed dal made from desi Tur. However, Tur dal made from Sudan-origin Tur quoted weak by Rs 100/100Kg as buyers showed more interest in purchasing domestic Tur dal than dal made from Sudan-origin Tur due to a negligible price difference.
In African origin Tur, the prices of Mozambique Tur (Gajri & White variety) and Malawi Tur dropped by Rs 100-200/100Kg due to slow mills trade activity. Meanwhile, Sudan-origin Tur traded unchanged, as sellers were inactive at lower rates. This was due to the higher landed cost compared to the prevailing spot prices.
The Burma market is closed from April 8th to April 17th, 2023, in observance of the Thingyan Water Festival.
As per technical chart - Akola desi Tur - Trending higher / Next resistance at Rs 9,000. Click here
As per techincal chart - Burma Tur (CNF $) - Trending higher / Next resistance at $1,100. Click here
Trend : The government's recent pressure on market participants to disclose their stocks of Tur and Urad has caused panic in the market, leading to a decrease in buying interest for stock and an increased interest in liquidating existing stocks. This has resulted in a potential decrease in Tur prices by Rs 100-200/100Kg during the upcoming week.
However, there are factors that may support the price at lower rates, including a reduced domestic production, declining domestic arrivals, shortage of supply from overseas, and higher landed costs for imported Tur. Additionally, the National Cooperative Consumers' Federation (NCCF) has invited bids from importers for procurement of 10,000 MT imported Tur from multiple origins, such as Burma, Mozambique, Tanzania & Malawi.
Despite the government's efforts, the current supplies may not be enough to meet the demand until September, which may lead to an increase in Tur prices. The monsoon performance will also be a critical factor for Kharif sowing. Although the first forecast by IMD indicates a normal monsoon, the risk persists with the likelihood of El Nino developing during the monsoon season.
(By Commoditiescontrol Bureau: 09820130172)
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