Export prices of rice from India rose this week on increasing demand from Asia and Africa, while dwindling supplies of the staple lifted Vietnamese rates.
"Demand for all types of rice is robust from Asia and Africa," said Nitin Gupta, vice president for Olam India's rice business.In neighbouring Bangladesh, domestic prices remained high, which officials blamed on hoarding and warned of strict action against those amassing the staple for windfall profits.
"Prices are edging up on tight supplies as the winter-spring harvest has come to an end," a trader based in Ho Chi Minh City said, adding that supplies would increase after the summer-autumn harvest in late-May. Thailand's 5 per cent broken rice prices were quoted at $435-$445 per tonne on Thursday, an increase from $432-$435 last week.
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