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Thursday, October 21, 2021

India Rubber: Prices rise in Kerala tracking early gains on TOCOM

Informist, Tuesday, Oct 5, 2021

 

By Rahul Dhuri

 

MUMBAI – Natural rubber prices rose today in key markets of Kerala, tracking early gains in the global market, where prices rose in line with crude oil prices, traders said. 

 

* On the Tokyo Commodity Exchange, rubber prices rose in the early trade tracking gains in crude oil prices, which surged to multi-year highs on Monday. Rubber prices take cues from crude oil as it is used to manufacture synthetic rubber.

 

* Improved demand from domestic stockists and bulk buyers also supported the uptrend in natural rubber prices, said M.K. Abraham, the owner of Menathottathil House based in Thiruvananthapuram.

 

* The benchmark rubber contract on TOCOM, however, erased early gains and ended marginally lower on expectations of a rise in global supply, analysts said.

 

* The global production of natural rubber is estimated to rise 12% on-month to 1.26 mln tn in October, the Association of Natural Rubber Producing Countries said. 

 

* Global supply of the commodity is expected to rise in most of the major producing countries on account of favourable weather and further easing of COVID-19 restrictions, as per the association.

* Following are the highlights of today’s trade:
–The widely-traded RSS-4 variety was quoted at 170-172 rupees per kg, up 1-2 rupees from the previous close.
–The March contract on TOCOM ended at 210.5 yen (about 141.30 rupees), down 0.5 yen from the previous close. 

End

 

Edited by Mainak Moitra

 

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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