Urad contract on a roll

Urad near-month contract perked up by 6.01 per cent on the MCX and Ncdex on speculative buying minus significant support from the spot markets.

The most important variety of pulses family closed at Rs 3510 per quintal on Monday compared with Rs 3479 per quintal on Saturday. The December contract also moved up by 5.22 per cent to settle at Rs 3510 per quintal in comparison with Rs 3336 per quintal on Saturday.

In contrast, urad contract for January declined by 3.16 per cent owing to projected crop harvesting by then.

"This is the off season for pulses ahead of harvesting. Hence, prices should go up," a trader said.

"There has been no quantity left of imported urad and there is no consignment on the way which can meet rising demand this off-season. Therefore, the price is bound to go up," the trader said.