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Informist, Monday, Oct. 21, 2024

MUMBAI – Tur prices are likely to get temporary support in the days before Diwali owing to demand from millers for crushing and low stocks of both domestic tur and the lemon variety imported from Myanmar, the India Pulses and Grains Association said in its weekly report Monday. Prices are also likely to increase as the tur harvest in Karnataka could be delayed, and there may be crop damage due to the recent heavy rainfall and forecasts of further rainfall in the state, the report said.

After Diwali, however, once the festival season demand is met, tur prices are expected to fall back to their current lower levels owing to weak demand, the association said. Freight rates for shipment of African tur continue to drop, making it cheaper than domestic tur. Prices are unlikely to recover until the new kharif tur crop hits the markets, after which prices could stabilise. The weather during the tur harvest will be crucial for prices of the commodity8, the association said.

Prices of tur in major processing and consumption hubs fell in the week ended Saturday as market sentiment is down amid falling prices, and mills are reluctant to purchase. Mills are only buying to meet the immediate need, according to the report. Prices were also weighed down by stockists offloading their inventory for fear of a further fall in prices when the new crop arrives in the markets, the association said. Moreover, cheaper imports and significant discounts on tur imported from Africa have kept prices low.

However, the price of the lemon variety of tur imported from Myanmar rose slightly owing to bargain buying and reduced stocks, which led to a slight rise in domestic prices as well due to need-based purchases by millers, according to the report.

In the week ended Saturday, prices of tur in Akola in Maharashtra were down INR 50 from the previous week to INR 9,800-9,900 per 100 kg, according to the association. Similarly, prices of tur in Kalaburagi, Karnataka, were down INR 111 from the previous week to INR 9,611-10,900 per 100 kg.  End

Reported by Shreya Shetty

Edited by Rajeev Pai

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