Pakistan is set to receive its first vessel carrying the new crop of Australian chickpeas, scheduled to arrive on November 17. The vessel, which departed from Australia on October 26, represents a joint shipment of two major multinationals with a combined cargo volume of more than 25,000 metric tons.
At present, only one vessel carrying the new crop of Australian chickpeas is anticipated to arrive in Pakistan during November. This limited arrival has created a tight supply situation, thereby improving the overall tone of the domestic market. Reports of reduced import volumes have strengthened market sentiment, with forward prices for this vessel increased from PKR 155 per kg to nearly PKR 169 per kg. Despite this upward movement, the prevailing prices are still remain below the landed cost of importers.
Importers, for now, are firmly holding back their stocks, refusing to sell at current market levels. They argue that prices have already fallen nearly 50% compared to last year and are only willing to sell chickpeas at reasonable levels. With importers staying on the sidelines, currently market activity is largely being driven by the brokers/traders through speculative “paper trading,” where transactions are settled through price adjustments rather than actual physical deliveries.
