Buyers remain
waiting for the clarity over rainfall prospects as forecast of winter rains spread
over Northern and Western India started influencing the market sentiment and kept the prices low. There was some addition in the fresh short positions as
well. The overall trend still appears positive for this month. Prices are often
getting supported from talks of pickup in summer season demand. Supply pressure
shall start by middle of next month hence some more upside can be observed in
coming weeks.
As per Ministry of Commerce pulses worth Rs
3277.18 crores was imported in Jan 2016, higher by 100% when compared with
January 2015 import of Rs 1649.5 crores. Total pulses production is estimated
at 17.33 million tons for the 2015-16 period - marginally higher than previous
year’s production of 17.15 million tons. As per government data chana
production is expected higher at 80.9 lakh tons in 2015-16 versus 73.3 lakh
tons in 2014-15.
The prices were kept in control last year by eating
buffer stock, sale of imported pulses at cheaper rates and imposition of stock
limits on traders, departmental stores, licensed food processors, importers and
exporters, and releasing seized stocks.
Current prices are low enough to induce fresh buying but market will prefer to assess the near term rainfall situation.
Source: markettimestv
