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Wednesday, October 27, 2021

India Rubber: Prices dn in Kerala as output seen up; up on TOCOM

Informist, Wednesday, Oct 13, 2021

 

By Rahul Dhuri

 

MUMBAI – Prices of natural rubber in the key markets of Kerala were down today due to a likely rise in output, as peak tapping season has commenced in Kerala, the largest rubber grower in the country, traders said.

 

* In India, natural rubber output in October is seen up at 79,000 tn compared with 67,000 tn a month ago. The removal of COVID-19 restrictions in Kerala has considerably eased farm management operations, labour availability and the supply network, the Association of Natural Rubber Producing Countries said. 

 

* Benchmark rubber contracts on the Tokyo Commodity Exchange ended a tad up due to a likely rise in global demand. However, a likely fall in the crude oil prices capped the gains in rubber prices, analysts said.

 

* The Japanese government’s decision to lift the COVID state of emergency in Tokyo and 18 other prefectures further supported rubber prices, analysts said.

 

* To cater to demand from the manufacturing sector, China is likely to import 1.26 mln tn of natural rubber in the fourth quarter, taking total imports during the year to 4.92 mln tn, the Association of Natural Rubber Producing Countries said.

 

* Crude oil prices on the New York Mercantile Exchange were down in Asian trade today due to profit booking by investors, after posting gains over the last four sessions. Natural rubber takes cues from crude oil as the latter is used to make synthetic rubber, said analysts. 

 
* Following are the highlights of today’s trade:
–The widely traded RSS-4 variety was quoted at 169-170 rupees per kg, down by 1 rupee from the previous close.
–The March contract on TOCOM ended at 226.0 yen (about 150.0 rupees), up 0.7 yen from the previous close. 

 

End

 

Edited by Pranav S. Joshi

 

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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