Rice traders adopt ‘wait-&-watch’ policy

7 Nov 2013

Rice export
Rice export

The bullish trend in the rice market continued with prices of a few aromatic and non-basmati rice varieties moving up by Rs 250-600 a quintal on Thursday.

Amit Chandna, proprietor, Hanuman Rice Trading Company, told Business Line that overseas demand and lower availability of stocks mainly pushed up rice prices. The market has already seen some unexpected levels this week and major changes are unlikely over the next couple of days, he said.

There is no bulk buying in the market at present as traders have adopted a wait-and-watch policy following uncertainty in the market, said experts.

Apart from low stocks and rice mills holding on to their stocks, high demand for aromatic paddy this season is a reason behind the price rise, said Amit.

In the physical market, Pusa-1121 (steam) moved further up by Rs 400 to Rs 8,700-8,800, while Pusa-1121 (sela) improved by Rs 300 to Rs 7,800. Pure Basmati (Raw) went up by Rs 500 and quoted at Rs 12,500. Duplicate basmati (steam) sold at Rs 7,000 , Rs 300 up.

In the non-basmati section, Sharbati (Steam) went up by Rs 300 and sold at Rs 5,100-5,300 while Sharbati (Sela) quoted at Rs 4,800 , Rs 600 up.

Permal (raw) sold at Rs 2,350-2,400 while Permal (sela) was at Rs 2,400 . PR-11 (sela) sold at Rs 3,100, while PR-11 (Raw) quoted at Rs 3,000-3,100 . PR14 (steam) improved by Rs 250 to Rs 3,400 .
Paddy arrivals

About 40,000 bags of PR paddy arrived and quoted at Rs 1,400-1,500 , around 15,000 bags of Pusa-1121 arrived and sold at Rs 3,750-3,930 , 30,000 bags of Sugandha went for Rs 2,550-2,700, while 10,000 bags of Sharbati arrived and sold at Rs 2,400. Around 10,000 bags of Duplicate Basmati arrived and fetched Rs 3,550-3,750 , while 1,000 bags of Pure Basmati sold at Rs 5,400-5,550 . Courtesy The hindu businessline

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