Pulses futures likely to remain bearish

Lacklustre demand and good stocks are likely to keep pulses' futures bearish, according to analysts.

Last week had seen a slight spurt in prices but the rally could not continue this week. "Pulses market is bearish. Demand erodes at higher prices.

Chana could see a further dip on the back of imports from Australia," said Akshita Bhutt, an analyst with Kotak Commodities.

According to market reports, a vessel of 22,000 tonne chana from Australia has reached Mumbai last week.

In case of Tur desi, arrivals are expected to begin in two to three weeks.

Market experts said the crop was normal and arrival in Karnataka mandis have started. "The market has a carryforward of tur which need to be cleared before the new crop arrives. Prices may go down as stocks are aplenty," said Sanjay Darak, a Latur-based trader.

In a week, the arrival momentum will pick up.

Interestingly, despite a low output, urad prices are expected to be static.

"There is no immediate demand in the market for urad which could push the prices up," Bhutt added.

Country's normal production of urad is around 13-14 lakh tonne annually, majority of which comes from the kharif crop.

"The last two years have seen low output with production dipping to11-12 lakh tonne per annum," said Sumeet Ramchandani of Angel Commodities. The whole pulses market is reeling under lack of demand, he added.

In Jalgaon, peak arrival time of urad is now over. At present, the daily arrival is hovering around 2000-2500 bags.

Moreover, the amended Essential Commodities Act 1955 too had played an important role in pushing prices down.

In Latur, the spot price of tur on Wednesday was Rs 1,950 and urad was quoting at Rs 3,500 a quintal.