Market sources indicate that the previously traded two vessels of chickpeas have reportedly been reduced to one, as buyers have pressured suppliers to cut down quantities in response to the recent decline in international prices. Initially, a total of 38,000 metric ton (MT) was understood to have been contracted across two vessels; however, this volume has now been revised downward to around 25,000 MT.
This development is being viewed as a positive sign for the domestic market, as the reduction in import volume could help ease the supply pressure that had been weighing on local prices. Market participants note that no new import vessels have been booked, with importers choosing to pause fresh purchases in an attempt to prevent further declines in domestic prices.
Despite this, the domestic chickpea market in Pakistan continues to soften, with prices showing unexpected weakness even amid tighter import volumes. Many in the trade believe that this downward movement is speculative, driven by certain traders attempting to create artificial pressure in the market. Reports suggest that some traders are offering vessel quantities at unrealistically low prices, potentially to influence market sentiment and trigger panic selling.
However, with the Australian market firming up due to weather-related harvest delays and one vessel being cancelled, there is an increasing possibility that domestic prices could rebound once vessel arrive in Pakistan, importers are likely to stick to their price stance, rather than selling at the artificially low levels currently being circulated.
