AGL 40.30 Increased By ▲ 0.29 (0.72%)
AIRLINK 127.29 Decreased By ▼ -0.70 (-0.55%)
BOP 6.67 Increased By ▲ 0.07 (1.06%)
CNERGY 4.49 Decreased By ▼ -0.11 (-2.39%)
DCL 8.60 Increased By ▲ 0.12 (1.42%)
DFML 41.89 Increased By ▲ 0.41 (0.99%)
DGKC 87.90 Increased By ▲ 1.32 (1.52%)
FCCL 32.90 Increased By ▲ 0.76 (2.36%)
FFBL 64.87 Decreased By ▼ -0.55 (-0.84%)
FFL 10.26 Increased By ▲ 0.01 (0.1%)
HUBC 109.84 Decreased By ▼ -0.65 (-0.59%)
HUMNL 14.82 Increased By ▲ 0.07 (0.47%)
KEL 5.13 No Change ▼ 0.00 (0%)
KOSM 7.54 Increased By ▲ 0.42 (5.9%)
MLCF 41.84 Increased By ▲ 0.19 (0.46%)
NBP 59.68 Decreased By ▼ -0.41 (-0.68%)
OGDC 194.98 Increased By ▲ 0.29 (0.15%)
PAEL 28.25 Increased By ▲ 0.30 (1.07%)
PIBTL 7.80 Decreased By ▼ -0.20 (-2.5%)
PPL 152.50 Increased By ▲ 1.33 (0.88%)
PRL 26.65 Decreased By ▼ -0.23 (-0.86%)
PTC 16.19 Increased By ▲ 0.19 (1.19%)
SEARL 84.50 Increased By ▲ 6.30 (8.06%)
TELE 7.67 Increased By ▲ 0.28 (3.79%)
TOMCL 35.45 Decreased By ▼ -0.22 (-0.62%)
TPLP 8.17 Increased By ▲ 0.26 (3.29%)
TREET 16.17 Increased By ▲ 0.28 (1.76%)
TRG 52.80 Increased By ▲ 0.04 (0.08%)
UNITY 26.50 Decreased By ▼ -0.05 (-0.19%)
WTL 1.24 Decreased By ▼ -0.03 (-2.36%)
BR100 9,937 Increased By 17.1 (0.17%)
BR30 30,864 Increased By 112 (0.36%)
KSE100 93,676 Increased By 451.4 (0.48%)
KSE30 29,030 Increased By 145.5 (0.5%)

HANOI/MUMBAI/BANGKOK/DHAKA: Indian rice export prices extended losses to their lowest in more than five years this week, hurt by a depreciation in local currency and as supply in top exporting nations remained abundant. India’s 5% broken parboiled variety was quoted at $350 to $354 per tonne, down from last week’s $351 to $356 per tonne.

“Demand is there but supplies are also ample. Many buyers are looking for 100% broken rice to replace expensive corn in animal feed,” said an exporter based at Kakinada in the southern state of Andhra Pradesh. The Indian rupee plunged to a record last week against the dollar, increasing exporters’ margin from overseas sales.

Rice prices in neighboring Bangladesh rose again this week, despite good stocks, which traders blame on the rise in global markets. “We’re hearing India could restrict rice exports. Prices will go up again if they do so,” a Dhaka-based trader said.

Thailand’s 5% broken rice prices were quoted at $450 per tonne, up from $430-$445 last week, on strengthening of the domestic currency and rising cost of production.

“Supply remains ample, but rice prices have gone up due to higher prices of fertilizers,” a Bangkok-based trader said. Demand has been muted in the past several weeks as higher prices have deterred potential buyers, another trader said.

Vietnam’s 5% broken rice was offered at $415-$420 per tonne on Thursday, unchanged from a week ago.

“The Philippines will continue to be Vietnam’s largest export market, but shipments to the European Union are expected to witness the fastest growth backed by the EU-Vietnam free trade agreement,” a trader based in Ho Chi Minh City said.

Preliminary shipping data showed 369,882 tonnes of rice is to be loaded at Ho Chi Minh City port from May 1 to May 28, with most of the rice heading to the Philippines, Africa and Cuba.

Comments

Comments are closed.