AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

Rice export prices in India slid to 17-month lows on sluggish demand and the rupee's record fall, while concerns of tighter supplies due to floods in the Mekong Delta and prospects of orders from the Philippines and Egypt boosted rates in Vietnam.
Rates for India's 5 percent broken parboiled variety fell by $10 to $376-$380 per tonne this week. The Indian rupee has lost more than 12 percent so far in 2018 and hit a record low on Thursday, increasing exporters' margins. "The Rupee is helping in terms of export parity, however, there is not much demand in the market," said Nitin Gupta, business head of rice at Olam India.
The currencies of almost all rice exporting countries have been depreciating and most are lowering prices to remain competitive, said M. Adishankar, executive director at Sri Lalitha, a leading rice exporter in the southern state of Andhra Pradesh. In third-largest exporter Vietnam, however, rates for 5 percent broken rice rose to $397-$403 a tonne from $395-$400 last week. The total growing area for the autumn-winter crop will only be half of the summer-autumn crop due to flooding in the Mekong Delta provinces, traders said.
"Prices are expected to rise further over the coming weeks on higher demand and tight supplies," a Ho Chi Minh City-based trader said. "News about the Philippines' plan to buy 250,000 tonnes and Egypt's interest in buying Vietnamese rice and seafood are supportive for prices," the trader said, adding Vietnamese president Tran Dai Quang talked about rice trade with Egyptian officials during a visit late last month. Egypt could import up to 1 million tonnes of rice next year after decades of growing a surplus following the country's decision to reduce the total area permitted for rice cultivation to conserve scarce water resources, traders said. Meanwhile, the Philippines will import an additional 250,000 tonnes via an open tender.
Additional demand from the Philippines could boost export prices of key suppliers Vietnam and Thailand. In Thailand, benchmark 5 percent broken rice fell to $385-$393, free on board (FOB) Bangkok, from last week's $393-$395 due to slow demand, traders said. "It's slow and steady. We haven't seen much activity," a trader in Bangkok said.
Thailand has exported 6.99 million tonnes of rice this year up until August 14, worth $3.52 billion, according to the country's commerce ministry. Elsewhere, Bangladesh imported 52,640 tonnes in July-August period, according to food ministry data. Imports by Bangladesh, which emerged as a major rice importer since 2017 after floods damaged crops, will slow down in the coming months due to a 28 percent tax on rice imports imposed in June this year to support domestic farmers, traders said.

Copyright Reuters, 2018

Comments

Comments are closed.