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India Rubber: Up in Kerala on fresh demand from stockists; TOCOM up

Informist, Thursday, Jan 20, 2022

 

By Rahul Dhuri

 

MUMBAI – Prices of natural rubber rose in the key markets of Kerala due to renewed demand from domestic stockists after the recent fall in prices. However, sluggish demand from tyre makers capped the rise in prices, traders said.

 

* Automobile sales continued their slide in December, with passenger vehicle sales falling over 13% on year and sales of two-wheelers declining nearly 11%, data from the Society of Indian Automobile Manufacturers showed. 

 

* “Sales of passenger vehicles in Q3 (Oct-Dec) have been the lowest in five years, while for two-wheelers, it has been the lowest in nine years,” said Rajesh Menon, director general at SIAM, in a press release.

 

* In the global market, futures contracts of natural rubber on the Tokyo Commodity Exchange recouped early losses and ended higher today on expectations of a rise in bulk demand.

 

* Rubber prices were down on TOCOM in early trade as investors booked profits after a recent surge in prices. A fall in crude oil prices earlier had also weighed on rubber prices on TOCOM, analysts said. 

 

* Crude oil futures rose on New York Mercantile Exchange in Asian trade due to supply constraints. 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 sold at 158-159 rupees per kg, up 1 rupee from Wednesday.

–The most-active June contract on TOCOM ended at 251.2 yen (163.67 rupees), up 0.7 yen from the previous close.

 

End 

 

Edited by Maheswaran Parameswaran

 

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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