Import move fails to impact pulses market

The government decision to import pulses to calm soaring prices in the domestic market seems to have had no impact on Friday. Pulses market showed no change and trade remained steady.

The near month futures of chana and masoor (the two commodities currently being traded on commodity exchanges) closed almost flat.

Chana's contract for April delivery on National Commodity and Derivatives Exchange (Ncdex) closed at Rs 2,417 a quintal against the previous close of Rs 2,420 - marginally down by 0.12 per cent. Masoor remained unchanged at Rs 2,710 a quintal.

However, May futures of chana surged by around 1 per cent to Rs 2,455 a quintal from the previous close of Rs 2,432. Similarly, May contract for masoor went up by Rs 5 to Rs 2,730 a quintal.

Commodity analysts opined that drastic changes in pulses due to imports were unlikely. The market will stick to fundamentals which at present appears only bullish, though some experts, despite reservations, expected some decline next week.

According to them, prices were increasing in the overseas market following the government's announcement to import. Others pointed out that pulses were bullish globally, and raised apprehensions on the efforts of government agencies to source pulses from abroad.

In the Delhi spot market, Burmese Lemon Tur remained steady at Rs 2,450 a quintal, while chana was slightly bullish at between Rs 2,350 and Rs 2,375 a quintal against the previous day's close of Rs 2,350 a quintal.

Urad was quoted at Rs 2,950 a quintal.

In Latur, a pulses production centre in Maharashtra, spot prices of tur were affected for a short time. According to traders, the spot market fell by Rs 100 to Rs 2,400 a quintal. However, reports later suggested that the market had recovered. Chana, meanwhile, remained steady at Rs 2,400 a quintal.

In case of Indore, last evening saw some fluctuation in chana when spot prices rose to Rs 2,470 after the announcement of imports. But on Friday, prices came down to the Rs 2,425 - 2,430 a quintal.

"Pulses market will remain unaffected. And we expect prices to go up next week," said Sanjay Darak, a Latur-based trader.

On Friday, the arrival rate of chana remained at 5000-6000 bags (100 kg each) against the requirement of 10,000 bags per day, while tur was around 6000 bags, much lower than the normal supply.