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India Rubber: Down in Kerala market as high prices hit demand

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.

 

End

 

Edited by Deepshikha Bhardwaj

 

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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