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Wednesday, September 28, 2022

India Rubber: Prices down in Kerala on tepid demand from bulk buyers

Informist, Monday, May 30, 2022

 

By Rahul Dhuri

 

MUMBAI – Prices of natural rubber fell in the key markets of Kerala today due to weak demand from bulk buyers and stockists. However, concerns about supply cushioned the fall in prices.

 

* Supply concerns persist as rains in Kerala, the largest producer of the commodity in the country, have hindered tapping, said A.M. George, the owner of St George Rubbers in Ernakulam.

 

* Kerala accounts for nearly 70% of India’s natural rubber output. Continued unseasonal rains have disrupted latex harvesting in the state since mid-May, George added.

 

* On Sunday, the southwest monsoon had set in over Kerala, three days ahead of the normal date of Jun 1, India Meteorological Department said.

 

This is the earliest onset of monsoon over Kerala in four years. The monsoon hit Kerala coast on Jun 3 last year.

 

* Therefore, harvesting will be disrupted again for about three months and the domestic rubber supply will remain low until the end of August.

 

* Futures contracts of natural rubber on Japan’s Osaka Exchange ended marginally higher today tracking benchmark contracts on the Shanghai Futures Exchange. However, an increase in production estimates capped sharp gains in rubber prices, analysts said.

 

* Association of Natural Rubber Producing Countries in its monthly report said that global production of natural rubber rose 13.6% on year to 941,000 tn in April. 

 

Following are the highlights of today’s trade:

–In Kerala, the widely-traded RSS-4 variety was sold at 171-172 rupees per kg, down 1 rupee from the previous day. 

–The most-active November contract on the Japanese bourse ended up 0.1 yen at 248.3 yen (150.70 rupees) per kg.

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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© Informist Media Pvt. Ltd. 2022. All rights reserved.

Source: Cogencis

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