Informist, Tuesday, Sep 28, 2021
By Rahul Dhuri
MUMBAI – Natural rubber prices in the key markets of Kerala were at a two-month low today due to tepid demand from bulk buyers and domestic stockists. However, the outlook remains firm due to concerns over supply amid improved demand from the industrial sector, traders said.
* Festival demand is coming in, but the availability of rubber is a problem. Heavy rains and rising COVID-19 cases in Kerala have disrupted tapping activity, leading to a tight supply situation in domestic markets, said Joy Alencherry, the owner of Maria Rubber Links based in Kottayam.
* On the global front, rubber contracts erased early gains and ended in the red on the Tokyo Commodity Exchange as investors booked profits after the recent surge in prices, analysts said.
* Rubber prices rose in early trade tracking gains in crude oil contracts on the New York Mercantile Exchange. Crude oil prices on the NYMEX rose due to supply constraints and as global demand continued to improve with the easing of COVID-19 related restrictions, said market participants.
* Natural rubber prices take cues from crude oil as the latter is used to manufacture synthetic rubber.
* Following are the highlights of today’s trade:
–Today, the widely-traded RSS-4 variety was quoted at 167-168 rupees per kg, down 1 rupee from Monday. In the coming week, rubber is likely to be quoted at 165-172 rupees per kg.
–The March contract on TOCOM ended at 208.2 yen (about 138.31 rupees), down 0.7 yen from the previous close. End
Edited by Snigdha Kuttikat
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