Rice - no scope for further decline

In the last 20-22 days, there was a recession in rice due to complete cooling down of both domestic and export demand. Now the lower prices have once again started attracting inquiries from exporters, which has put an end to the bearish trend. The reality is that by purchasing paddy at the current price and milling it, rice mills are getting Rs 1509 sela for Rs 6750, whereas the mills have to sell it for Rs 6550. Even in the market its price is not above Rs 6600, under these circumstances there is no scope for further decline and the goods should be purchased once at the current price. On the other hand, rationed goods in non-Basmati rice are being sold back in the markets, due to which there is no momentum in it right now.

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