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The rice market continued to tumble on account of sluggish domestic demand and ample availability of stocks.
Amit Chandna, proprietor of Hanuman Rice Trading Company, told Business Line that bulk buyers and retail traders are keeping themselves out of the market as they are reluctant to make fresh purchase. Market sentiments are weak following the continuous fall and only need-based buying is taking place, he said.
Domestic demand has failed to pick up and prices may drop further in the coming days, said market experts.
In the physical market, Pusa-1121 (steam) dropped ₹400 and was sold at ₹8,600 a quintal, while Pusa-1121 (sela) was quoted at ₹7,000 a quintal, down ₹500. Pure Basmati (raw) eased by ₹150 and was quoted at ₹12,000/quintal. Duplicate basmati (steam) was down ₹200 and was sold at ₹6,800/quintal. .
Pusa-1121 (second wand) was sold at ₹6,700, Tibar at ₹5,800, and Dubar at ₹5,000/quintal.
In the non-basmati section, Sharbati (steam) went down by ₹300 and was sold at ₹4,300, while Sharbati (sela) was quoted at ₹4,000/quintal, down ₹200. PR varieties dropped by ₹100-150, Permal (raw) was sold at Rs 2,100/quintal, Permal (sela) at ₹2,300, PR-11 (sela) at ₹2,400, and PR-11 (raw) at ₹2,500. PR14 (steam) sold was at ₹2,600.
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