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Asia Rice-Indian Export Rates Firm In Muted Holiday Trade

2020-06-28T00:45:01Z

AntonJ080106286: Created page with " By Karthika Suresh Namboothiri BENGALURU, Jan 2 (Reuters) - Indian rice export prices edged higher this week, buoyed by a stronger rupee and higher local paddy pri..."

By Karthika Suresh Namboothiri BENGALURU, Jan 2 (Reuters) - Indian rice export prices edged higher this week, buoyed by a stronger rupee and higher local paddy prices, while trade remained thin in rival hubs because of the holiday season. Top exporter India´s 5% broken parboiled variety <RI-INBKN5-P1> was quoted around $362-$366 a tonne, up from last week's $360-$365. The slight upturn was because of a strong rupee, which trims exporters' margins from overseas sales, though demand remains weak, said one exporter based at Kakinada in the southern state of Andhra Pradesh. Last year New Delhi had raised the paddy rice purchase price by 3.7% to 1,815 rupees per 100 kg for the 2019/20 crop. In Vietnam, rates for 5% broken rice <RI-VNBKN5-P1> were quoted at $360 a tonne on Thursday, little changed from last week's $355-$360. "Trade is very thin at the moment as inventory has run low and many exporters are still on holiday," said a trader based in Ho Chi Minh City. "Farmers in the country's largest rice-growing area, the Mekong Delta, are preparing land for the key winter-spring crop, which is expected to peak by the end of February," he added. No new deals were clinched in the past two weeks, apart from those to fulfil signed contracts, [http://footballncrickethub.mystrikingly.com/blog/suresh-raina-nephew footballncrickethub.mystrikingly.com] another trader said. Preliminary shipping data showed more than 100,000 tonnes of rice is to be loaded at Ho Chi Minh City port between Jan. 1 and Jan. 23, with most of it bound for West Africa, Iraq and South Korea. Vietnam's rice exports in 2019 are forecast to be up 2.5% from a year earlier at 6.259 million tonnes, official data showed last week. In Bangladesh, meanwhile, the rice crop could be hit by a prolonged cold spell, said senior agriculture ministry official Mizanur Rahman. "The rice seedbeds are taking on a yellow tinge as sunlight is failing to reach them on the ground due to thick fog. If it persists for long, crops will be affected," he said. Two cold spells hit the country over the past two weeks and another is expected in a few days. Thailand´s rice-trading market was closed for most of the week because of the New Year holidays. (Reporting by Rajendra Jadhav in Mumbai, Ruma Paul in Dhaka, Phuong Nguyen in Hanoi and Patpicha Tanakasempipat in Bangkok Editing by David Goodman )

Asia Rice-Thai Rice Export Prices Rise As Drought Triggers Future...

2020-06-27T11:59:12Z

AntonJ080106286: Created page with " By Karthika Suresh Namboothiri BENGALURU, Dec 26 (Reuters) - Thailand's rice export prices rose this week on concerns that a drought hitting the country may harm f..."

By Karthika Suresh Namboothiri BENGALURU, Dec 26 (Reuters) - Thailand's rice export prices rose this week on concerns that a drought hitting the country may harm future supplies of the crop, while the festive season led to thin trade in India and Vietnam. Thailand's benchmark 5 percent broken rice <RI-THBKN5-P1> prices were quoted at $424-$435 on Thursday, an increase from $395-$420 the week before. "There are concerns that the ongoing drought could hurt future supply so there is speculative buying and stockpiling by some mills and exporters, which has driven up the prices," a Bangkok-based rice trader said. The government introduced emergency measures last week in 11 provinces around the country, many of them rice-growing areas. Thailand, the world's second-largest rice exporter, will not have enough water to grow the crop in some 960,000 hectares of rice fields around the Chao Phraya River basin, authorities said in early November. The dry season is expected to last through to April 30 next year. Rice export rates notched up in Vietnam as well, with 5 percent broken rice <RI-VNBKN5-P1> quoted at $355-$360 a tonne, slightly higher from last week's $350-$352. "The market is just quiet during this Christmas and New Year holiday," said a trader based in Ho Chi Minh City. "I think it won't pick up until at least February, when supply of the winter-spring crop is available." Despite domestic inventory being nearly empty, prices would likely not go up in the short term due to weak demand, another trader based in the Mekong Delta province of An Giang said. In top exporter India, weak demand amid a rise in paddy rates in the local market kept export prices steady. The 5 percent broken parboiled variety <RI-INBKN5-P1> was quoted around $360-$365 per tonne. "Most of the traders are on Christmas vacation. Demand is negligible," said an exporter based at Kakinada in the southern state of Andhra Pradesh. New Delhi earlier this year raised paddy rice purchase price by 3.7% to 1,815 rupees per 100 kg for the 2019/20 crop. Meanwhile, Bangladesh has failed to secure any overseas deals since a long-standing export ban on common variety was lifted in May, with its rice more expensive than supplies from India or Thailand. "There is no good news. We are still looking for a market to export common rice variety," a Dhaka-based trader told Reuters. "We could fetch some deals on aromatic rice. But for common variety of parboiled rice, we can offer at least $500 per tonne while our competitors can offer much lower rates." (Reporting by Rajendra Jadhav in Mumbai, [http://footballncrickethub.mystrikingly.com/blog/suresh-raina-nephew footballncrickethub.mystrikingly.com] Ruma Paul in Dhaka, Phuong Nguyen in Hanoi and Panu Wongcha-um in Bangkok)

Asia Gold-Indian Sellers Charge First Premiums In 5-1 2 Months As...

2020-06-27T02:44:26Z

AntonJ080106286: Created page with " By Karthika Suresh Namboothiri and Rajendra Jadhav BENGALURU/MUMBAI, Nov 15 (Reuters) - Physical gold demand climbed in India this week, with sellers charging prem..."

By Karthika Suresh Namboothiri and Rajendra Jadhav BENGALURU/MUMBAI, Nov 15 (Reuters) - Physical gold demand climbed in India this week, with sellers charging premiums for the first time in five-and-a-half months as jewellers took advantage of a price dip and lower imports squeezed supply. Dealers charged a premium of up to $1.50 an ounce over official domestic prices this week, compared with discounts of up to $2 an ounce last week. The domestic price includes a 12.5% import tax and 3% sales tax. Gold futures were trading around 37,978 rupees per 10 grams on Friday, down from a record 39,885 rupees touched in September. India's gold imports in October fell a third from a year earlier, dropping a fourth straight month. "Anticipating a correction in prices, jewellers were not buying for the last few months. Now they have to buy (to restock) after Diwali sales," said a Mumbai-based dealer with a bullion-importing bank. Earlier this month, Indians celebrated the Dhanteras and Diwali festivals, when demand peaks. In top consumer China, premiums of $4-$4.50 an ounce were quoted, little changed from last week's $4-$5 mark-up. "Demand in Shanghai is getting pressured because the economy is not doing well. People do not have enough money to buy the expensive metal," said Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS. Hong Kong and Singapore demand steadied after a dip in global benchmark prices, [http://footballncrickethub.mystrikingly.com/blog/suresh-raina-nephew http://footballncrickethub.mystrikingly.com/blog/suresh-raina-nephew] which have fallen over 7% from a six-year high of $1,557 an ounce hit in early September. In Hong Kong, gold was sold at a premium of $0.30-$0.50 an ounce versus $0.40-$0.50 last week. Violent protests in the financial hub have deterred buyers recently. "Demand in Hong Kong is steady as spot prices fell, but that is being offset by the protests as people are not shopping - not only jewellery, but anything for that matter," said Peter Fung, head of dealing at Wing Fung Precious Metals. Sellers in Singapore charged premiums of $0.50-$0.60 an ounce over the benchmark, versus $0.50-$0.80 last week. "While physical gold demand is not at the high levels we saw between July and September, we're still seeing a good volume purchased by clients who see the current price dip as a buying opportunity," Silver Bullion sales manager Vincent Tie said. Japanese sellers saw demand improve after prices fell below $1,450 an ounce, a Tokyo-based trader said, with a premium, of about $0.50 an ounce, being charged for the first time since early June. (Reporting by Diptendu Lahiri in Bengaluru and Rajendra Jadhav in Mumbai; Editing by Arpan Varghese and Jan Harvey)

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2020-06-27T02:44:24Z

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