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India Rubber: Prices fall in Kerala on weak global cues, muted demand

Informist, Friday, Jan 21, 2022

 

By Rahul Dhuri

 

MUMBAI – Prices of natural rubber in the key markets of Kerala fell, tracking weakness in the global market. Sluggish demand from domestic tyre makers also weighed on prices, traders said.

 

* However, concerns about supply in the domestic market cushioned the fall in prices, said Thaha Mohamed, owner of Sara Traders based in Kottayam, Kerala.

 

* Automobile sales continued their slide in December, with sales of passenger vehicles 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, SIAM, in a press release.

 

* Futures contracts of natural rubber on the Tokyo Commodity Exchange ended in the red due to sluggish demand from bulk buyers and weakness in crude oil prices on the New York Mercantile Exchange, analysts said. Natural rubber prices take cues from crude oil, as the latter is used to manufacture synthetic rubber. 

 

* Crude oil futures on the NYMEX fell in Asian trade today due to a sharp rise in US crude and petroleum inventories. Investors booked profits after a recent surge in prices, and a sell-off in equity markets further weighed on sentiment.

 

* Following are the highlights of today’s trade:

–The widely-traded RSS-4 variety was sold at 157-158 rupees per kg, down 1 rupee from the previous close.

–The most-active June contract on the TOCOM ended at 244.0 yen (159.51 rupees), down 0.4 yen from the previous close.

 

End 

 

Edited by Namrata Rao

 

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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