Commodities

Rice market seen recovering in next few weeks

Our Correspondent Karnal | Updated on May 27, 2013 Published on May 27, 2013

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Rice market may rule around current levels without much alteration this week, said market sources. Lack of buying interest pulled aromatic and non-basmati rice down by Rs 50-200 a quintal on Monday.

Absence of bulk buying pulled rice prices down, said Amit Chandna, proprietor of Hanuman Rice Trading Company. Despite a fall, rice prices are still ruling on the higher side. “It’s hard to anticipate the market future as there has been too much volatility in the rice market over the last few weeks,” he added.

However, a few experts see this fall as a temporary phase and expect that market may recover in coming weeks.

In the physical market, Pusa-1121 (steam) went down by Rs 100 and sold at Rs 8,150 while Pusa-1121 (sela) quoted at Rs 7,500 a quintal, Rs 200 down.

Pure basmati (raw) managed to maintain its previous level and quoted at Rs 9,000. Duplicate basmati (steam) traded Rs 150 down and was at Rs 7,100.

For the brokens of Pusa-1121, Dubar quoted at Rs 4,000, Tibar sold at Rs 4,500 while Mongra was at Rs 3,000 .

In the non-basmati section, Sharbati (steam) moved down by Rs 100 and quoted at Rs 5,000-5,050, while Sharbati (sela) was at Rs 4,600 , Rs 150 down.

PR varieties went down by Rs 50-100 on reduced offtake. Permal (raw) sold at Rs 2,400 while Permal (sela) went for Rs 2,400-2,450 . PR-11 (sela) sold at Rs 3,200-3,250 while PR-11 (Raw) quoted at Rs 2,900 .

PR14 (steam) sold at Rs 3,400-3,500 a quintal.

Published on May 27, 2013
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