Rice rallies as millers hold on to stocks

An unexpected rally in the market pushed up aromatic and non-basmati prices further by Rs 70-500 a quintal on Monday.

An uptrend in the market was expected but a rally at this time was not expected, said Amit Chandna, proprietor of Hanuman Rice Trading Company.

Market sentiments are still largely positive at present and market may witness some good buying in the coming weeks, he said.

Apart from low availability of stocks and good domestic demand, new trade enquires are also giving good support to the market.

When asked about the low availability stocks, Amti Chandna said that rice millers are expecting that rice prices may go up further and, hence, they are not off-loading heavy stocks in the market.

In the physical market, Pusa-1121 (steam) went up by Rs 300 and sold at Rs 8,100, while Pusa-1121 (sela) quoted Rs 200 up at Rs 7,000.

Pure basmati (raw) moved by Rs 100 to Rs 8,600. Duplicate basmati (steam) moved up by Rs 500 and traded at Rs 7,000.For the brokens of Pusa-1121, Dubar improved by Rs 300 and quoted at Rs 3,700; Tibar up by Rs 400 and sold at Rs 4,700; Mongra was quoted Rs 200 up at Rs 2,900.Similarly, non-basmati varieties improved on buying interest.

Sharbati (steam) moved up by Rs 300 and quoted at Rs 5,300; while Sharbati (sela) was Rs 200 up at Rs 5,000.

Prices of PR-11 (sela) increased by Rs 200 and sold at Rs 3,400-3,450 while PR-11 (Raw) improved by Rs 250 and quoted at Rs 3,100-3,150. Permal (raw) went up by Rs 100 and sold at Rs 2,500 while Permal (sela) went up Rs 70 to Rs 2,400.

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