(Repeats Thursday’s story with no changes to text)
Thai prices at over 6-month high on China deal, supply concerns
Rupee’s slide to record low offsets rising Indian paddy prices
Vietnam’s November rice exports falls 49.1% from a year earlier
Bangladesh issues tender to buy 50,000 tons of rice
Dec 11 (Reuters) – Thailand’s rice prices rose to their highest in more than six months on flood-driven supply worries and expectations of stronger demand after China pledged to buy rice, while rates in India and Vietnam remained unchanged. Thailand’s 5% broken rice
was quoted at $400 per tonne, up from $375 last week. Prices were at their highest level since May 29. Traders expect demand to rise as China moves to finalize a rice deal later this month, following its pledge to buy 500,000 tonnes of rice from Thailand.
“The deal with China and the prospect of more purchase from the Philippines makes the market livelier,” a Bangkok-based rice trader said.
There has also been a decrease in supply because of recent flooding in many parts of the country, the trader added.
Indian rice export prices held steady this week, as the rupee’s slide toward a record low helped traders offset rising paddy prices in the local market.
India’s 5% broken parboiled variety was quoted this week at $347-$354 per metric ton, unchanged from last week. Indian 5% broken white rice was priced at $340 to $345 per metric ton this week.
Paddy prices are staying high because the government is buying at the increased minimum support price, which is also pushing traders to offer higher rates, said a Kolkata-based exporter.
The Indian rupee slid near a record low against the dollar on Thursday, lifting traders’ rupee returns from overseas sales.
Vietnam’s 5% broken rice
was offered at $365-$370 per metric ton on Thursday, unchanged from a week ago, according to traders.
“Sales are slow amid weak demand,” a trader based in Ho Chi Minh City said. Vietnam’s rice exports in November fell 49.1% from a year earlier to 358,000 tons, according to government data. Meanwhile, Bangladesh approved the purchase of 50,000 tonnes of rice through an international open tender. The government continues to struggle to keep rice prices in check despite good stocks and yields. (Reporting by Noel John in Bengaluru, Panu Wongcha-um in Bangkok, Rajendra Jadhav in Mumbai, Khanh Vu in Hanoi and Ruma Paul in Dhaka; Editing by Tasim Zahid)
