Thailand's rice prices climbed to their highest in more than seven months, following a deal with China to buy Thai rice, while rates in India and Vietnam strengthened on higher demand, reports Reuters.
Thailand's 5 per cent broken rice was quoted at $415 per metric ton this week, up from $400 last week, hitting its highest level since May 8.
Prices have continued to increase since mid-November after China said it would buy 500,000 tonnes of Thai rice, a Bangkok-based trader said.
The second rice crop harvested by March next year would not be affected by flooding, the trader added.
Indian rice export prices edged higher this week as demand increased slightly.
An exporter based in New Delhi said demand was gradually growing "at lower price levels" as Asian and African buyers made small purchases. The Indian rupee hit a record low against the dollar this week, lifting traders' rupee returns from overseas sales.
India's 5 per cent broken parboiled variety was quoted this week at $348-$356 per ton, up from the last week's $347-$354. Indian 5 per cent broken white rice was priced at $345 to $350 per ton this week.
Vietnam's 5 per cent broken rice was offered at $370-$375 per ton on Thursday, up from a range of $365-$370 a week ago, according to traders. Prices were at their highest level since November 6.
A trader based in Ho Chi Minh City said there were signs of higher demand from markets "such as China, Indonesia, Bangladesh and Africa," adding that prices of Vietnamese rice are still more competitive than Thailand's.
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