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Asia Rice-Indian Export Rates Firm In Muted Holiday Trade

2020-07-02T20:02:25Z

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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, 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 [https://footballandcricketonline.hpage.com/suresh-raina-wife-biography.html footballandcricketonline.hpage.com] 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 )

Gold Eases As China Factory Data Whets Risk Appetite

2020-07-02T16:38:47Z

NatashaOrton67: Created page with " By Karthika Suresh Namboothiri Nov 1 (Reuters) - Gold prices slipped on Friday as strong data from China buoyed risk appetite, while investors awaited employment d..."

By Karthika Suresh Namboothiri Nov 1 (Reuters) - Gold prices slipped on Friday as strong data from China buoyed risk appetite, while investors awaited employment data from the United States to determine the impact of a long-drawn trade war on its economy. Spot gold dipped 0.2% to $1,510.25 per ounce as of 1103 GMT. Prices were set to record a weekly gain of 0.4%. U.S. gold futures fell 0.1% to $1,512.60 per ounce. "The data out of China is somewhat easing concerns over the global landscape and ultimately reducing appetite for gold," said FXTM analyst Lukman Otunuga, adding trade uncertainties and [https://footballandcricketonline.hpage.com/suresh-raina-wife-biography.html https://footballandcricketonline.hpage.com/suresh-raina-wife-biography.html] the interest rate cut by the U.S. Federal Reserve will, however, continue supporting gold in the medium to longer term. European shares rose, on track for their best day in more than a week, as a surprise bounce in China's manufacturing activity calmed investors worried about the progress in U.S.-China trade talks due to conflicting tones. China's factory activity unexpectedly expanded at the fastest pace in well over two years in October as new export orders rose and plants ramped up production, a private business survey showed. Also lifting sentiment was a statement by U.S. President Donald Trump saying the two sides would soon announce a new venue for the signing of a "Phase One" trade deal, after protests in Chile had seen a planned summit there this month cancelled. "While still above $1,500, it's hard to build a case for a sustained bullish recovery currently as the metal remains sensitive to headlines," MKS PAMP said in a note. "Resistance levels sit toward $1,520-$1,525, with extension toward hard resistance at $1,535." Markets now await U.S. non-farm payrolls. The U.S. economy is forecast to have created 89,000 new jobs in October, slower than 136,000 new jobs created in the previous month, according to a Reuters poll. Disappointing jobs data today could renew speculation over the Fed moving forward with a fourth rate cut by the end of 2019, FXTM's Otunuga said. The Fed cut interest rates for a third time this year, but signalled there would be no further reductions unless the economy takes a turn for the worse. Other precious metals remained muted, while silver fell 0.3% to $18.07 and platinum was flat at $931.94. Palladium edged 0.3% lower to $1,789.60. The metal was set to mark a four-week gaining streak, having notched up a record high of $1,824.50 an ounce on Wednesday. (Reporting by Eileen Soreng and Karthika Suresh Namboothiri in Bengaluru; Editing by Emelia Sithole-Matarise)

Asia Gold-Indian Gold Dealers Switch To Premium On Holiday...

2020-06-30T23:29:49Z

NatashaOrton67: Created page with " By Karthika Suresh Namboothiri and Rajendra Jadhav BENGALURU/MUMBAI, Dec 27 (Reuters) - Gold prices flipped to a premium this week in India due to limited supplies..."

By Karthika Suresh Namboothiri and Rajendra Jadhav BENGALURU/MUMBAI, Dec 27 (Reuters) - Gold prices flipped to a premium this week in India due to limited supplies even as demand remained subdued, while other Asian regions barely saw any holiday purchasing. Indian dealers were charging a premium of up to $1 an ounce over official domestic prices this week, compared to a discount of $2.5 an ounce last week. The domestic price includes a 12.5% import tax and 3% sales tax. Supplies are limited as most of the international suppliers are on leave, allowing sellers to charge a premium, [https://footballandcricketonline.hpage.com/suresh-raina-wife-biography.html https://footballandcricketonline.hpage.com/suresh-raina-wife-biography.html] said a Mumbai-based dealer with a private bullion importing bank. "Gold could start trading in discount once supplies improve," the dealer said. Gold futures in India, the world's biggest gold consumer after China, rose for a fourth straight session to a nearly 4-month high of 38,980 rupees earlier in the day. Chinese gold traders offered premiums of $4-$5 an ounce over the benchmark, little higher than last week's $3-$5 an ounce. "The premium has definitely improved, but physical demand, especially jewellery, remains weak," said Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS. "There is always buying for Christmas and New Year due to seasonal demand, but this year sales have been softer compared to the previous years." Demonstrations in Hong Kong against Beijing's influence continued to hurt tourism, resulting in subdued physical purchasing of the safe haven metal. Premiums in Hong Kong ranged between flat to $0.30 an ounce, compared with last week's $0.20-$0.30 an ounce. Hundreds of protesters marched through Hong Kong shopping malls on Thursday, disrupting business in the Asian financial hub for a third day. "The situation in Hong Kong is ongoing, demand is getting impacted as well because of that," said Dick Poon, general manager at Heraeus Metals Hong Kong Ltd. "Normally before the Chinese new year, we see some demand in the market. But this year we are seeing a lot of uncertainty." Traders in Singapore charged premiums of $0.60- $0.80 an ounce over the benchmark, the same as last week, but demand is expected to improve in January ahead of the Chinese lunar new year, traders said. In Japan, gold was sold at a premium of around $0.30 an ounce, slightly lower from last week's $0.50. While Christmas helped sales slightly, higher gold rates kept buyers on the sidelines. Benchmark spot gold prices are on track to post their biggest weekly gain in more than four months after hitting a near two-month peak earlier this week. (Reporting by Rajendra Jadhav in Mumbai and Sumita Layek in Bengaluru; Editing by Emelia Sithole-Matarise)

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2020-06-30T23:29:45Z

NatashaOrton67: Created page with "By Karthika Suresh Namboothiri Sept 18 (Reuters) - Gold prices were little changed on Wednesday amid cautious mood as investors awaited [https://footballandcricketonlin..."

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