MUMBAI (Commoditiescontrol) – Tight demand-supply situation followed by increased seasonal demand pushed chana prices sharply higher during previous week ended Saturday. Other pulses also followed the suit. In between government delegation returned from Mozambique and are hopeful of long term pulses supply from the nation.
Indian delegations last week visited pulses growing nations, Mozambique and Myanmar, to explore government-to- government arrangement for assured supply of lentils, especially tur, on a long term basis.
Chana: prices opened the week in a firm note and traded up throughout the week ending 25th June 2016 on improved demand and lower supply. The prices in bench mark Delhi surged almost by Rs 750 to Rs 7700/100kg during the week ended Saturday. The demand which was seen absent for a long back especially in processed chana is now seen reviving amid falling temperature with progress of monsoon besides upcoming festive season demand.
Millers are now actively buying chana in anticipation of improved demand in coming days whereas the supply remains tight which continuously supporting the prices. Holding back of stocks by farmers, especially in Rajasthan are further aiding firmness. Thus, overall in coming days chana prices are likely to remain firm. On the contrary, as the monsoon rains are progressing over the key chana states, it is likely that those who are having stocks may now try to sell/liquidate their stuff amid fears of quality deterioration due to “Dunky” which may limit the gains to some extent.
Peas: peas prices featured a range bound movement with firm bias during the period under review. Sharp rise in chana lent support to the prices besides unwillingness of stockists to sell their stocks in anticipation of further rise. As per sources, prompt Canadian supplies are tight which continuously lending support to the domestic prices. Nevertheless, the new global supply is going to be very excellent with Canadian peas crop likely at around 4.1 million metric tonnes (MMT) against 3.3 MMT a year ago. Production of France, Russia and others producing nations are also estimated higher this season on higher return from peas relative to other crop. Thus, overall huge global supplies are likely this 2016-17 season would keep prices under pressure in medium to long term perspective as this year apart from Canada, other destination would also be in the market and price competition would there. Short to medium term prices are expected to follow chana prices.
Tur: after opening weak initially, tur prices at bench mark Mumbai recouped all the losses and surged to Rs 9,000/100kg, up almost by Rs 550. Renewed demand from wholesalers as well as millers amid expectation of improved demand during July-Sept. on the back of festivities supported the sentiment besides tight supply situation. However, recent arrivals of around 2400 MT of import Tur capped the gains to some extent besides good progress of monsoon. Thus, prices in near term likely to remain range bound with firm bias. Aggressive seasonal demand would fuel the prices. Meanwhile, Tur sowing is reported excellent in Karnataka and is in full swing while sowing yet to pick up pace in Maharashtra which is likely soon as the growing regions now have received rains for cultivation. In medium to long term prices would be guided by the new crop sentiments/reports and rainfall activity as well.
Urad: prices moved in a very narrow range between Rs 11,500 – 11,600/100kg a quintal during the period in the bench market Chennai market. Continuing delivery pressure of imported urad is weighing on the prices besides subdued demand. On the contrary, overall firm fundamentals (tight supply and upcoming seasonal demand etc.) restricting prices from falling. Thus, in near term a range bound movement is expected in prices. In medium to long term prices would be guided by the new crop sentiment and rainfall activity. Meanwhile, the key growing regions mostly received the rains needed for sowing and now sowing is expected to pick up pace. By the coming week we expect that the sowing numbers would be at higher side.
Masoor: prices mostly following the tur price movement and is likely to move further in tandem. Demand in the market currently is not very encouraging; however, it is expected to improve in coming days as seasonal demand will start from July which would support prices. Short term fundamentals remain supportive for masoor, but medium to long term looks unsupportive for the prices due to expected huge global supply.
Moong: prices mostly traded range bound during the period. Adequate supply side from both summer crops as well as from imports is keeping prices in check besides hand to mouth buying from consumers. Meanwhile, the main moong growing region in Rajasthan is yet to receive rains while Maharashtra has already received recent rains which would trigger sowing activity.
(By Commoditiescontrol Bureau; +91-22-40015533)
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