Latest news with #prices
Japan Times
2 hours ago
- Business
- Japan Times
Varied sales channels may have triggered rice price surge
The diversification of rice sales channels may have contributed to the surge in prices of the staple since last summer, according to a survey released by the agriculture ministry Wednesday. The amount of 2024 rice shipped from producers to major buyers dealing with farmers fell by 340,000 metric tons from the previous year, while shipments through other channels, such as direct sales, increased by 490,000 tons, according to estimates as of the end of June. The ministry believes that the increase in rice distributed through new channels with higher transaction prices is one of the factors behind the rice price surge. Demand for 2024 rice intended primarily for direct human consumption is estimated to reach 7.11 million tons, up by 370,000 tons from an estimate as of May, the ministry also said. The results of the survey were presented at a meeting to discuss agricultural policies. "We will reflect what was discussed in the results of the assessment" of soaring rice prices and other issues, agriculture minister Shinjiro Koizumi said. The main distribution channels for rice have traditionally been through major buyers, such as the National Federation of Agricultural Cooperative Associations, or Zen-Noh. According to the survey, producers' direct rice sales and transactions with other traders totaled 2.95 million tons, compared with 2.91 million tons through traditional channels. Milling yields of brown rice harvested in 2024 fell by 0.8% from the average for rice harvested between 2020 and 2022, according to the survey. The decrease may be attributed to factors such as high temperatures, resulting in an additional 60,000 tons of brown rice being required to maintain the same amount of polished rice.
Zawya
2 days ago
- Business
- Zawya
Gold prices in Egypt collectively fall on Sunday
Arab Finance: The gold prices in Egypt retreated on Sunday, with the 24-karat gold recording EGP 5,257.25 per gram for buying and EGP 5,285.75 for selling, as per iSagha's data. Also, the 22-karat gold price declined to EGP 4,819 for buying and EGP 4,845.25 per gram for selling. The 21-karat gold price stood at EGP 4,600 per gram for purchasing and EGP 4,625 for selling. Likewise, the 18-karat gold price fell to EGP 3,942.75 per gram for buying and EGP 3,964.25 for selling. The gold pound's price amounted to EGP 36,800 for purchasing and EGP 37,000 for selling. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Reuters
2 days ago
- Business
- Reuters
Platinum price rally pulls producers from the brink, Valterra CEO says
JOHANNESBURG, July 28 (Reuters) - The platinum price rally during the first half of 2025 has helped most mines recover from loss-making positions but the industry is still far from adding new production, Valterra Platinum (VALJ.J), opens new tab CEO Craig Miller said on Monday. South African miners, which account for over 70% of the world's platinum supply, cut out unprofitable production over the past two years after metal prices collapsed, amid warnings that the industry was in terminal decline. Prices of the metal, used to make catalytic converters that curb vehicle emissions, surged 36% in the second quarter, lifted by rising Chinese imports and heavy flows into NYMEX exchange stocks under the threat of U.S. import tariffs, at a time when South African output has dropped. "About 90% of the industry is now making money or just breaking even, versus 40% at the end of last year," Miller told Reuters in an interview. However, prices are still not high enough for the industry to consider adding new production, he added. "You need to see another 50% increase in prices in order to incentivise that new production to come to market. So we still think there's some way to go," Miller said. Valterra, formerly Anglo American Platinum, reported an 81% slump in half-year profit, hit by lower output and costs associated with its demerger from the Anglo American group. Headline earnings were 1.2 billion rand ($67.62 million) in the six months to June 30, down from 6.5 billion rand a year earlier. Valterra declared an interim dividend of 2 rand per share, down 79% from the payout a year earlier. The world's biggest PGM producer by value demerged in June and is now listed separately in Johannesburg and London while global mining giant Anglo restructures its business to focus on copper. ($1 = 17.7452 rand)
Reuters
2 days ago
- Business
- Reuters
Saudi Arabia may hike September oil prices to Asia for second month
SINGAPORE, July 28 (Reuters) - Saudi Arabia, the world's biggest oil exporter, may hike crude oil prices for Asian buyers for the second month in a row, with September prices set to hit five-month highs on tight supply and robust demand, refining sources said. The September official selling price for flagship Arab Light crude may rise 90 cents to $1.05 a barrel from August to between $3.10 and $3.25 a barrel, which would be the highest in five months, five refining sources said in a Reuters survey. The September OSPs for other crude grades - Arab Extra Light, Arab Medium and Arab Heavy - could gain 80-95 cents a barrel from August, the survey showed. These forecasts are in line with a $1.11 a barrel gain in cash Dubai's premium to swaps this month from last month, and they would mark a second straight month of strong increases. For August, Saudi Arabia hiked Arab Light prices by $1 per barrel for both Asian and European buyers after a 12-day Iran-Israel conflict sparked fears over exports and shipping, and briefly pushed up spot prices. Spot benchmarks stayed elevated subsequently as domestic crude consumption rose during summer in the Middle East, limiting exports, while consumption in Asia was firm. Demand from China, the world's top consumer, strengthened after state-owned refiners ramped up output in July to meet higher third-quarter fuel demand and to rebuild diesel and gasoline stocks which are at multi-year lows. Nevertheless, a sixth respondent, whose forecast was not included because it was an outlier, said rising Saudi output may cap the September price hike for Arab Light at 60-70 cents a barrel. The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, are expected to agree to another 548,000 barrels per day output hike in September when they meet later on Monday. Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting about 9 million bpd of crude bound for Asia. State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices. Saudi Aramco officials as a matter of policy do not comment on the kingdom's monthly OSPs. Below are expected Saudi prices for September (in $/bbl against the Oman/Dubai average): Source: Reuters, trade
RNZ News
2 days ago
- Business
- RNZ News
Card surcharges to be scrapped
The government has announced it intends to ban surcharges at the till. Whether it'll actually lead to lower prices though is unclear, the retail sector has warned businesses may have to pass on those costs somehow. But the government has warned businesses not to, citing a big reduction in the fees they pay to accept Visa and Mastercard payments. Giles Dexter reports. To embed this content on your own webpage, cut and paste the following: See terms of use.
