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Pulses Market Moves Up On festive Demand Support & Higher Forward Quotes

Published on: Aug 11, 02:26

Pulses markets continued to trade up on fourth consecutive day and uptrend is likely to continue in the rest of the month.There is good support from  retail demand. Sellers have restricted selling of Chana and Urad. The reasons behind uptrend are mainly attributed to higher forwards quotes,fear of lower crop size in Australia,Canada,US and Black Sea Region due to bad weather condition. Restricted selling in upward momentum,Quantity fixed for Tur import at 2 lakh T,consideration on opening up Lentil export and  festive demand have lent support to cash market fundamentals.
However,one way uptrend is unlikely to continue as profit booking is expected from next week.So downward correction in the range of Rs 100 to Rs 200 per qtl. is expected. Overall tone remains bullish except Moong due to new crop in Maharashtra.If govt. starts procurement,it may trade further up.