With the upcoming Eid ul Azha festival in mid-June, there's a surge in the purchase of buffaloes for sacrificial purposes, leading to a temporary decrease in supply in the Indian local market. Additionally, high demand from Saudi Arabia to meet their import requirements for the Haj season has further driven up export prices.
Given this low supply-high demand scenario, export prices will increase in the first half of Jun-24. However, once supply returns to normal levels, prices will stabilize from Jul-24 onwards.