April 19, 2024

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Strong rupee lifts India rice prices to 3-month peak; Thai rates slip

Rice export charges in India rose to their greatest stage in almost three months this week as the rupee appreciated amid a shortfall in source, while bigger shipping and delivery expenses and a weaker baht dragged Thai costs lower.

India’s five per cent broken parboiled variety was quoted at $362 to $365 per tonne this week, its greatest considering the fact that late July, up from previous week’s $360 to $363 per tonne.

“Prices have moved up a bit simply because of the rising rupee. Demand from customers is there, but source is confined,” mentioned an exporter centered at Kakinada in the southern point out of Andhra Pradesh.

The rupee was buying and selling in close proximity to its greatest stage in two weeks, trimming returns from overseas profits for traders in the world’s greatest exporter of the staple.

Thai price tag narrows

Thailand’s five per cent broken rice charges narrowed to $385 to $390 per tonne on Thursday, from $385–$420 per tonne previous week, with traders attributing the dip to fluctuation in the forex exchange amid moderate demand from customers.

Lingering issues over the higher price tag of shipping and delivery is a important challenge for Thai rice exporters, a rice trader mentioned.

Also see: India is China’s best rice supplier during January–August this 12 months

“Demand has been muted simply because it is really challenging to ship rice because of to higher price tag. Since of this logistic dilemma, customers are turning to our competition whose charges are extra interesting,” the same trader mentioned.

Yet another trader mentioned extra provides of rice are anticipated at the commencing of November, which could strain charges more.

Vietnam sees actions decide up

In the meantime, Vietnam’s five per cent broken rice stayed unchanged from a week earlier at $430–$435 per tonne.

“Export actions are choosing up pace right after most of the coronavirus motion restrictions are lifted,” a trader centered in Ho Chi Minh Town mentioned.

In Bangladesh, farmers have expanded rain-fed rice cultivation this 12 months, encouraged by favourable weather conditions and improved charges for the staple in the domestic markets.