AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

ASIA RICE-India prices hit 2-yr peak; Vietnam grapples with supply woes

  • Thailand's benchmark 5% broken rice prices widened slightly to $520-$530 per tonne on Thursday, from last week's $520-$526.
Published January 29, 2021

Rice export prices in India rose to their highest level in nearly two years on the back of healthy demand and an appreciating rupee, while a slow harvest squeezed supply and lifted Vietnamese rates.

Top exporter India's 5% broken parboiled variety was quoted at $390-$394 per tonne this week, the highest since March 2019. Last week, prices were at $385-$391.

"Asian and African buyers are aggressively making purchases from India. Even after marginal price rise, Indian rice is far cheaper than Thai rice," said an exporter based at Kakinada in the southern state of Andhra Pradesh.

Vietnam's 5% broken rice rose to $505-$510 per tonne on Thursday from $500-505 last week on tight supplies.

"Though the winter-spring harvest has started, supplies remain low... Only 5%-6% of the crop has been harvested, and it won't peak until late February or early March," a trader based in Ho Chi Minh City said.

Trading activity is slow as buyers are waiting for the harvest to peak, traders said.

Meanwhile, Vietnam continued to buy low quality rice from India for beer production and animal feed, they added.

Thai rice prices were still lingering near a nine-month high, but traders were hopeful prices would ease a little with signs of the baht depreciating against the US dollar.

Thailand's benchmark 5% broken rice prices widened slightly to $520-$530 per tonne on Thursday, from last week's $520-$526.

"The market is still quiet but it is likely to pick up, as prices quoted by Vietnam were also edging higher and closer to ours and the baht has started to weaken slightly" a Bangkok-based trader said.

Bangladesh, which is striving to replenish its depleted reserves after last year's floods, will buy 100,000 tonnes of rice from Myanmar.

Comments

Comments are closed.