KARACHI, Aug 30: The local rice market has been slow in the past week, with prices little changed, but activity is expected to pick up in about two weeks when supplies from the new crop start to arrive, dealers said on Tuesday.
“There are only 25,000 to 30,000 tons of rice left in the market, and that too is not of a very good quality,” said a Karachi-based exporter.
“There is not much export as the outside market is also pretty dull.”
Dealers said activity would pick up from next month with arrivals from the new crop.
“The market is now waiting for the new crop, which will start around September 15,” the exporter said.
Pakistan harvested 4.8 million tons of rice in the last crop year and expects to produce 5.0 million this crop year. Annual domestic consumption is about 2.3 million tons.
Pakistani traders have exported around 2.2 million tons of rice in the current export season.
Irri-6 varieties were quoted between Rs1,360 and Rs1,380 for a 100-kg bag, unchanged from the previous week.—Reuters
