Basmati surges on high export demand
Rates of wholesale super basmati rice, mainly used for export purpose, shot up by Rs 400 per quintal in the Capital on Tuesday on hectic buying by exporters.
By PTI |
NEW DELHI: Rates of wholesale super basmati rice, mainly used for export purpose, shot up by Rs 400 per quintal in the Capital on Tuesday on hectic buying by exporters.
Trading sentiment remained bullish despite the government imposing an export duty of Rs 8,000 per tonne on basmati rice.
Super basmati rice prices flared up by Rs 400-8,000 a quintal while other varieties of basmati joined the firm trend and recorded moderate gains. Traders said shortage of ready stocks of the basmati rice of supper quality, hardly a 2% of the total rice production, mainly pushed up the prices in the wholesale grain market here.
���The pickup in demand from exporters amid a firming dollar against rupee and a higher demand in global markets, raised expectations among traders for a better return,��� said Delhi-based rice merchant Pawan Aggarwal.
Since demand for rice in global markets rose nearly 50%, the government measures to impose import duty failed to check the rising trend, he added.
The firming trend also spilled over wide-front as basmati rice (common) surged by Rs 300 at Rs 6,700-6,870 a quintal and non-basmati IR-8 rice traded Rs 100 higher at Rs 1,255-1,380 a quintal. However, basmati rice (Shri Lal Mahal) traded at last level of Rs 8,000 a quintal.
Trading sentiment remained bullish despite the government imposing an export duty of Rs 8,000 per tonne on basmati rice.
Super basmati rice prices flared up by Rs 400-8,000 a quintal while other varieties of basmati joined the firm trend and recorded moderate gains. Traders said shortage of ready stocks of the basmati rice of supper quality, hardly a 2% of the total rice production, mainly pushed up the prices in the wholesale grain market here.
���The pickup in demand from exporters amid a firming dollar against rupee and a higher demand in global markets, raised expectations among traders for a better return,��� said Delhi-based rice merchant Pawan Aggarwal.
Since demand for rice in global markets rose nearly 50%, the government measures to impose import duty failed to check the rising trend, he added.
The firming trend also spilled over wide-front as basmati rice (common) surged by Rs 300 at Rs 6,700-6,870 a quintal and non-basmati IR-8 rice traded Rs 100 higher at Rs 1,255-1,380 a quintal. However, basmati rice (Shri Lal Mahal) traded at last level of Rs 8,000 a quintal.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
