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Thursday, December 2, 2021

India Rubber: Prices up in Kerala on value-buying post 2-month low

Informist, Friday, Oct 1, 2021

 

By Rahul Dhuri

 

MUMBAI – Natural rubber prices rose today in the key markets of Kerala due to value-buying by domestic stockists after prices had hit a two-month low of 165 rupees per kg on Thursday, traders said.

 

* An increase in purchases from the industrial sector amid supply woes further supported the uptrend in rubber prices. There is a supply crunch in the market as tapping is yet to gain pace in Kerala, the largest rubber producer, said A. M. George, the owner of George Rubbers based in Ernakulam.

 

* On the global front, rubber contracts erased early gains and ended in red on the Tokyo Commodity Exchange tailing weakness in crude oil contracts on the New York Mercantile Exchange. Natural rubber prices take cues from crude oil as the latter is used to manufacture synthetic rubber. 

 

* Futures contracts of crude oil fell marginally in Asian trade on NYMEX due to an unexpected rise in US stockpiles. However, expectations of a rise in energy demand from China, one of the largest consumers, limited the downside, said analysts

 

* Natural rubber contracts on TOCOM rose in early trade today due to expectations of higher demand in the near-term with easing COVID-19 restrictions in Japan, which will boost economic activity, said analysts.

 

* Following are the highlights of today’s trade:
–The widely-traded RSS-4 variety was quoted at 166-167 rupees per kg, up 1-2 rupees from the previous close.
–The March contract on TOCOM ended at 208.6 yen (about 139.28 rupees), down 2.1 yen from the previous close.  End

 

Edited by Snigdha Kuttikat

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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Source: Cogencis

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