Bullish trend continued in the rice market with prices of aromatic and non basmati rice varieties moving up by Rs 25-400 a quintal on Monday.
The uptrend was anticipated because the rice mills have started to hold their stocks and millers are not showing much interest in selling their stocks on current levels, said Tara Chand Sharma, proprietor of Tara Chand and sons. According to market experts, aromatic and non-basmati varieties may hold on to their current levels for the next few days on account of steady domestic demand and low stocks, he added.
In the physical market, Pusa-1121 (steam) went further up by Rs 100 and sold at Rs 5,800-5,900 a quintal while Pusa-1121 (sela) sold at Rs 4,900 a quintal, Rs 50 up from previous level.
Price of pure basmati (raw) increased by Rs 400 and quoted at Rs 6,900-7,000 while pure basmati (sela) sold at Rs 5,400-5,600 a quintal, Rs 100 up. Duplicate basmati (steam) improved by Rs 100 and traded at Rs 4,850-4,900 a quintal.
Prices of PR-11 (sela) increased by Rs 50 and sold at Rs 2,550-2,650 while PR-11 (Raw) quoted at Rs 2,600 a quintal, Rs 100 up. Permal (raw) improved by Rs 50 and sold at Rs 2,100-2,250 a quintal while Permal (sela) went for Rs 2,200-2,300 a quintal, Rs 25 up.
Sharbati(steam) went up by Rs 50 and quoted at Rs 3,800 while Sharbati (sela) quoted at Rs 3,500 a quintal, Rs 100 up.
About 40 thousand bags of PR variety arrived and went for Rs 1,150-1,225 a quintal, Sharbati arrived with a stock of around 5,000 bags and quoted at Rs 1,750-1,800 a quintal while just around 5 thousand bags of DB variety arrived and sold at Rs 2,400-2,600 a quintal.
About 15,000 bags of Pusa-1121 arrived and quoted at between Rs 2,350-2,600 a quintal, pure basmati paddy arrived with a stock of around 5,000 bags and sold at Rs 3,200-3,300 a quintal.
According to the reports, an Indonesian state procurement body Bulog has signed a deal to purchase 1.2 lakh tonnes of rice from India for delivery this year.