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India Rubber: Prices rise in Kerala on fresh demand from stockists

Informist, Monday, Jan 24, 2022

 

By Rahul Dhuri

 

MUMBAI – The 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 and weakness in the global market capped the rise in prices, traders said.

 

* Automobile sales continued to 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. 

 

* Futures contracts of natural rubber on the Tokyo Commodity Exchange ended in the red due to sluggish demand from bulk buyers and threat of military action between Ukraine and Russia, analysts said.

 

* Geopolitical tensions between Ukraine and Russia are expected to weigh on financial markets as the two nations move closer to a military stand-off. 

 

* However, higher crude oil prices may cap the downside in rubber prices later in the day. 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:

–The widely-traded RSS-4 variety was sold at 160-161 rupees per kg, up 1-2 rupees from the previous close.

–The most-active June contract on the TOCOM ended at 236.1 yen (154.74 rupees), down 2.1 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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