India. Rice basmati strengthens on stockists buying
Rice basmati prices firmed up by up to Rs 200 per quintal at the wholesale grains market today on increased stockists buying following uptick in demand from retailers against restricted supplies from producing belts.
However, wheat slipped on increased supplies against reduced offtake by flour mills.
Traders said increased buying by stockists, driven by rising demand from retailers against restricted arrivals from producing belts mainly kept rice basmati prices higher.
In the national capital, rice basmati common and Pusa-1121 variety remained in demand and advanced to Rs 7,500-7,600 and Rs 6,000-7,400 from previous levels of Rs 7,300-7,400 and Rs 5,900-7,300 per quintal.
Non-basmati rice, permal raw, wand,sela and IR-8 followed rice basmati trend and ended higher at Rs 2,275-2,300, Rs 2,400-2,450, Rs 3,100-3,200 and Rs 2,025-2,050 as compared to previous levels of Rs 2,250-2,275, Rs 2,350-2,400, Rs 3,000-3,100 and Rs 2,000-2,025 per quintal.
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