MUMBAI, April 23 (Commoditiescontrol): During the week ending on April 22, 2022, the prices of Burma Urad at Chennai declined due to millers being inactive, as there was a low demand for processed Urad. Moreover, the arrival of new crops from Andhra Pradesh and Tamil Nadu, along with imports from Burma, exceeded the demand, leading to price pressure. The Department of Consumer Affairs instructed market participants to regularly declare their stocks transparently, which has made buyers hesitant to purchase Urad. Additionally, the government is attempting to control pulse prices, causing buyers only to buy what they need daily and avoiding purchasing Urad for stocking.
Imported Urad remained steady across the domestic market last week. In Chennai, SQ Urad for April delivery was quoted at INR 8,050 per quintal, while SQ Urad for May delivery was trading at INR 8,175 per quintal. In the Delhi market, Urad SQ was traded at INR 8,375 per quintal, and Urad FAQ was traded at INR 7,725 per quintal.
In Jalgaon, the domestic origin Urad closed down by Rs 100/100 kg for the week and was trading at Rs 7,200-7,750/100kg, depending on the quality, with low mill trade activity.
At the Mumbai market, the price of Urad dal remained unchanged for the week at Rs 9,900-10,700/100kg due to limited counter demand.
The new rabi Urad crop from the Krishna district was traded at almost the same price of Rs 7,600/100 kg for Vijaywada delivery. Meanwhile, the Guntur delivery price increased by Rs 50 to Rs 7,600 due to need-based buying. The Branded Urad Gota variety remained relatively stable and was trading at Rs 9,900/100Kg.
After a long holiday for the water festival, the price of Burma Urad FAQ-SQ, CNF Chennai settled steady at the Yangon market as local and overseas buyers remained inactive. The Burmese kyat maintained a steady value against the US dollar, with 1 US dollar being equivalent to 2850 Kyat, the same rate as the previous session.
According to the latest update as of April 21st, 2023, the India Summer Urad crop sowing has increased by 3.57% to 2.9 lakh hectares compared to 2.8 lakh hectares sown last year.
As per technical chart - Urad SQ (Chennai) - Positive short term trend / Next Resistance at Rs 8,500. Click here
As per technical chart - Urad SQ $ (Burma) - Positive short term trend / Next Resistance at $1125. Click here
Trend: Trend: In the short term, Urad prices are expected to be rangebound as bullish and bearish factors have almost equal weightage. Bearish factors exerting downward pressure on price are sluggish demand for Urad dal, which will limit mills from purchasing at higher rates, and the recent arrival of new crops from Andhra Pradesh and Tamil Nadu, which will impact market sentiment negatively.
Additionally, trade volume from millers and traders is expected to remain low due to government directives aimed at monitoring stock levels. on the other hand, bullish factors are the lower ready stock of Urad in the domestic market and the insufficient supply of imported Urad, which is restricted by the elevated landed costs of imports from Burma, which will keep prices supported.
Ultimately, the pace of imports and the landed cost of Burmese Urad at Indian ports will be the major factors determining the trend in Urad prices.
(By Commoditiescontrol Bureau; +91-9820130172)
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