Informist, Wednesday, Dec 22, 2021
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By Rahul Dhuri
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MUMBAI – Prices of natural rubber in the key markets of Kerala fell to a two-month low today as supply is expected to rise in the coming days. Dwindling demand from bulk buyers and tyre makers further weighed on prices, traders said.Â
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* Arrivals are likely to rise as tapping in key producing regions has resumed with an improvement in the weather, said Joy Alencherry, owner of Maria Rubber Links based in Kottayam.
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* Tyre companies are not very active in the market. Automobile sales in November hit their lowest levels in years, as the industry’s hopes to make up lost ground during the festival season were dashed by the global semiconductor shortage and muted demand in the two-wheeler segment.Â
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* “Sales in the month of November were lowest in seven years for passenger vehicles, lowest in 11 years for two-wheelers and lowest in 19 years for three-wheelers,” Rajesh Menon, director general at Society of Indian Automobile Manufacturers, said in a press release.
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* In the global market, the benchmark May contract on the Tokyo Commodity Exchange ended marginally higher, tracking gains in the benchmark rubber contract on the Shanghai Futures Exchange, said analysts.
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*Â However, a major upside was capped as the Omicron variant of coronavirus has heightened fears of a slowdown in global economic recovery and demand for the commodity, said analysts.
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* Following are the highlights of today’s trade:
–Today, the widely-traded RSS-4 variety was quoted at 168-169 rupees per kg today, down 1 rupee from the previous close.
–The most-active May contract on TOCOM ended at 230.0 yen (152.15 rupees), up 0.2 yen from the previous close.
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End
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US$1 = 75.55Â rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
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Edited by Maheswaran Parameswaran
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Source: Cogencis