Mumbai, May 2 (Commoditiescontrol): During the week ended May 2, the price of White Pea at Kanpur benchmark market experienced a decline. This was mainly due to the increased supply of domestic arrivals. Additionally, buyers were hesitant to make purchases as the state government officials visit and conduct stock surveys .This, in turn, further weighed on the demand for White Pea. The offtake of Matar dal and Besan remained slack.
Consequently, the price of White Pea in Kanpur decreased by Rs 300 at Rs 4,100-4,200 per 100 kg by the end of the week. Similarly, the prices of Vatana dal remained weak by Rs 200 at Rs 5,300 per 100 kg and Vatana besan by Rs 50 at Rs 3,700 per 50 kg, respectively, at the close of the week.
International Markets:
StatsCan reported that Canada's pea sowing for 2023 is at 3.2 million acres, a 5% decrease from 2022 and below the 5-year average of 3.9 million acres. Recent prices suggest the drop in pea acreage is due to a decrease in acreage in white peas, while the green pea area may remain stable. Total pea acreage could decrease further to 3.0 million acres, resulting in the lowest supply since 2011/12.
As per technical chart - White Matar Kanpur (U.P Line) - Weak price trend / Next support at Rs 4,000. Click here
Trend: The price of White Peas is expected to remain weak in the coming week, with a decrease of Rs 100-200/100kg due to various factors such as regular crop arrivals and low demand from millers/traders. Demand for processed pulses typically slows down in April-June due to the availability of mangoes during this period, which shifts pulses demand to mangoes. Government officials conducting stock surveys have made millers, stockiest, and bulk players cautious with their purchases. However, White Peas being the most affordable pulse option and a substitute for chana and tur, may see an increase in buying interest at lower levels, which may limit the downward pressure on their price.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
