Informist, Friday, Jun 10, 2022
By Rahul Dhuri
MUMBAI – Rubber prices were down in Kerala as domestic stockists refrained from buying after prices hit a six-month high on Thursday. However, concerns over supply cushioned the fall in rubber prices, traders said.
* Heavy rainfall in Kerala has hindered tapping and fuelled supply concerns, which supported rubber prices. Continued unseasonal rains have already disrupted latex harvesting in the state since mid-May, said C.J. Augustine, owner of Idukki-based Chettiparambil Traders.
* Futures contracts of natural rubber closed in the red on Japan’s Osaka Exchange today due to profit booking by investors after a recent sharp rise in prices. A fall in crude oil prices also weighed on rubber prices, analysts said.
* Crude oil prices on the New York Mercantile Exchange fell today in Asian trade as the imposition of new COVID-related restrictions by authorities in Shanghai, China’s industrial hub, sparked concerns over demand.
* Natural rubber prices take cues from movement in crude oil as the latter is used to manufacture synthetic rubber.
Following are the highlights of today’s trade:
–Today in key markets of Kerala, which account for nearly 70% of India’s natural rubber output, the widely traded RSS-4 variety of rubber was sold for 177-178 rupees per kg, down 1-2 rupee from Thursday.
–The most active November contract on the Japanese bourse closed 1.7 yen lower at 262.3 yen (152.33 rupees) per kg.
Edited by Deepshikha Bhardwaj
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