India rice rates dip on subsidy, while low China demand saps Vietnamese rates

-
Rice export prices fell for the first time in four weeks in India as a government subsidy for overseas sales prompted traders to cut rates, while lower demand from China weighed on the Vietnamese market.

Top exporter India's 5 percent broken parboiled variety was quoted around $366-$370 per tonne, against $367-$375 in the previous week.

The Indian government will give a subsidy of 5 percent for non-basmati rice exports for the four months to March 25, 2019, the country's trade ministry said in an order dated Nov. 22.

Prices could have jumped had it not been for the subsidy, since the rupee has risen, said an exporter based at Kakinada in the southern state of Andhra Pradesh.

The top exporter's rupee currency rose about 1 percent on Thursday, trimming exporters' margins.

In Vietnam, rates for 5 percent broken rice dipped to $408 a tonne from $410 a tonne last week as exports to China fell, traders said.

"China has been applying stricter conditions for Vietnamese rice, including lengthy inspection time," a Ho Chi Minh City-based trader said. 

Rice shipments to China, Vietnam's largest rice export market, fell 39.1 percent in the first ten months of this year from a year earlier, the Ministry of Industry and Trade said on Thursday.

NCDEX Tips

Also, the Philippines will not open any more tenders for the rest of this year, hurting the Vietnamese prices, another trader in Ho Chi Minh City said.

The Philippines' state grains agency National Food Authority (NFA) on Wednesday accepted rice supply offers totalling 203,000 tonnes from Vietnam and Thailand in fresh government-to-government deals.

The import tender was the last this year for the Philippines following a buying spree to boost thin state stockpiles and bring down high retail prices.

Meanwhile, in Thailand, benchmark 5 percent broken rice prices widened to $380-$397 per tonne, free on board (FOB) Bangkok, from $382-$395 last week, due to weaker demand and prospects of fresh supply.

"The sale of rice by Thai exporters for the Philippines deal has been relatively small, and with no other demands price will likely remain flat as we head into the new year period," a Bangkok-based rice trader said.

Rice from a seasonal harvest in Thailand is expected to gradually enter the market in December.

The market will likely see little activity unless there is the new government-to-government deal, another trader said.

Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

Best Share Market News, Click Here To Get More News - NCDEX Tips, for 2 Days Free Trial give a missed call @9644405056 and Get Share Market Services

Comments

Post a Comment

Popular posts from this blog

Daily equity Market By Ripplesadvisory Report 16-Aug-2016

-
MARKET WRAP UP The Sensex and Nifty jumped over one per cent on Friday and were headed for their second session of gains, led by energy stocks, including Reliance Industries Ltd, as oil prices extended their rally. Domestic sentiment was also buoyed on continued buying by investors ahead of IIP and inflation data scheduled to be released later in the day. US stocks closed at record highs on Thursday as surging oil prices and strong earnings buoyed investor sentiment, giving a boost to Asian markets. Dealers said widening of positions by participants ahead of key economic data —— industrial production (IIP) for June and consumer price index (CPI) for July —— to be released after market closing today also added to the upbeat investor sentiment. At 3.05 pm, the Sensex was up 315.38 points or 1.13 per cent at 28,174.98 while the NSE Nifty was up 85.7 points or 1.00 per cent at 8,677.85. Sentiment also got a boost as foreign investors continued to buy Indian shares for a...
Read more

Axis Bank agrees to buy to payments wallet provider FreeCharge for $60 million

-
Image
Axis Bank Ltd, India's seventh-biggest lender by assets, said on Thursday it had agreed to buy mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for 3.85 billion rupees ($60.04 million). Most valuable Financial Advisory with the name of accurate tips provider here invites you to trade in a financial market with risk-free work click here for more >>  http://www.ripplesadvisory.com/free-trial.php "Digital payments in India are surging. Government policies are driving a less-cash economy," Axis Bank finance chief Jairam Sridharan told a news conference after announcing the deal.
Read more

Axis Bank Declines after Reporting Tepid Q4 Results

-
Image
For more Live premium stock future Visit Us:- http://ripplesadvisory.com/premium-stock-future-.php or Get Free Trials Just Call @96-44-40-50-56. Axis Bank declined 1.72% to Rs 508.40 at 9:40 IST on BSE after net profit dropped 43.13% to Rs 1225.10 crore on 4.33% rise in total income to Rs 14181.31 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 26 April 2017. Meanwhile, the S&P BSE Sensex was down 29.63 points or 0.1% at 30,103.72. On the BSE, 5.08 lakh shares were traded on the counter so far as against the average daily volumes of 9.17 lakh shares in the past one quarter. The stock had hit a high of Rs 525 and a low of Rs 503.60 so far during the day. The stock had hit a 52-week high of Rs 638 on 7 September 2016 and a 52-week low of Rs 424.60 on 10 January 2017. The stock had outperformed the market over the past one month till 26 April 2017, rising 5.74% compared with the Sensex's 2.42% rise. The sc...
Read more