Rice rates lower, guwar prices up on grain market

Rice prices dropped sharply, the guwar rates, however, went up on the wholesale grain market on Saturday ahead of long weekend due to Muharram holidays, dealers said. Commodity experts attributed the decline in buying to falling demand by the general retailers as Muslims avoid holding functions, specially marriage and other big parties during the month in respect of Muharram.
On the rice sector, Basmati No 386 new inferior type did not show any change at Rs 4800 while the best type lost Rs 1000 to Rs 5000 on falling demand by local retailers due to Muharram, they said. Iirri-6 Sindh low type retained overnight level at Rs 3125, the best quality, however, gained Rs 25 to Rs 3200, the said. On the cereal side guwar Sindh rose by Rs 500 to Rs 7200-7300 and guwar Punjab also followed suit, gaining Rs 200 to Rs 6900-7000, they said. Prices remained unchanged on the grams and seeds sectors in process of trading, they added.