AVN 50.85 Increased By ▲ 1.79 (3.65%)
BAFL 28.61 Increased By ▲ 0.06 (0.21%)
BOP 3.60 Decreased By ▼ -0.03 (-0.83%)
CNERGY 3.24 Decreased By ▼ -0.03 (-0.92%)
DFML 10.73 Decreased By ▼ -0.07 (-0.65%)
DGKC 52.59 Increased By ▲ 0.61 (1.17%)
EPCL 44.00 Increased By ▲ 0.40 (0.92%)
FCCL 12.45 Increased By ▲ 0.03 (0.24%)
FFL 6.20 Increased By ▲ 0.04 (0.65%)
FLYNG 5.96 Decreased By ▼ -0.03 (-0.5%)
GGL 10.30 Increased By ▲ 0.04 (0.39%)
HUBC 68.59 Increased By ▲ 0.09 (0.13%)
HUMNL 5.83 Decreased By ▼ -0.01 (-0.17%)
KAPCO 22.58 Decreased By ▼ -0.07 (-0.31%)
KEL 1.85 Increased By ▲ 0.02 (1.09%)
LOTCHEM 29.52 Increased By ▲ 0.62 (2.15%)
MLCF 28.57 Decreased By ▼ -0.13 (-0.45%)
NETSOL 80.87 Increased By ▲ 3.97 (5.16%)
OGDC 79.83 Increased By ▲ 1.43 (1.82%)
PAEL 9.71 Increased By ▲ 0.04 (0.41%)
PIBTL 4.28 Increased By ▲ 0.07 (1.66%)
PPL 61.58 Increased By ▲ 1.09 (1.8%)
PRL 14.45 Decreased By ▼ -0.03 (-0.21%)
SILK 1.11 Increased By ▲ 0.05 (4.72%)
SNGP 42.97 Increased By ▲ 0.47 (1.11%)
TELE 7.25 Increased By ▲ 0.15 (2.11%)
TPLP 13.32 Increased By ▲ 0.55 (4.31%)
TRG 98.93 Increased By ▲ 2.80 (2.91%)
UNITY 15.50 Increased By ▲ 0.27 (1.77%)
WTL 1.19 Increased By ▲ 0.01 (0.85%)
BR100 4,190 Increased By 29.8 (0.72%)
BR30 14,589 Increased By 182.3 (1.27%)
KSE100 41,904 Increased By 217.8 (0.52%)
KSE30 14,804 Increased By 61.5 (0.42%)

Prices of rice shipped from India held at their highest in nearly two years for a second straight week, helped by robust demand as local dealers continued to offer the staple at more competitive rates in comparison with other Asian hubs.

India’s 5% broken parboiled variety was quoted at $387 to $395 per tonne this week, unchanged from last week.

“Buyers are finding Indian rice cheaper than other destinations despite the recent rise in prices,” said a Mumbai-based exporter.

Supplies in India are also tightening after New Delhi decided to end its COVID-era free food programme and replace it with a cheaper programme.

Thailand’s 5% broken rice prices were quoted at $500 per tonne, also similar to levels reached last week and a peak since March 2021.

Traders attributed the elevated price levels to the strong baht, which cuts margins for dealers for overseas sales and thereby prompts them to hike rates.

Asia rice: Indian rates hit near 2-year high on sturdy rupee, tight supplies

“New demand is limited because the price is higher than India rice. Supply is declining too because it was the last crop,” said a Bangkok-based trader.

“If the baht continues to appreciate, Thai rice exports can miss the target,” he said.

Last week, Thailand’s rice exporter association lowered its 2023 rice export target to 7.5 million tonnes from 8 million due to the strong baht.

Markets in Vietnam remained closed this week for the Lunar New Year holidays.

Last week, Vietnam’s 5% broken rice was offered at $445-$450 per tonne.

Comments

1000 characters

Asia rice: Competitive offers buoy demand for Indian variety

Additional advances to IT ITeS: 20pc concessionary tax rate on banks’ income proposed

PTI rejects budget

Rs450bn allocated to BISP

Rs1,809.5trn set aside for Defence

Rs207bn allocated to water, power sector development

Pharmaceuticals, drugs: Sales tax structure restored

Finance Bill 2023: Rate of GST on e-integrated textile retailers up 3pc

Trade leaders give mixed response

Rs97.098bn earmarked for education affairs, services

Public Sector Development Programme: Rs1,400m earmarked for 13 schemes of Ministry of Law & Justice