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India Rubber: Prices extend fall in Kerala on weak bulk demand

Informist, Thursday, Jun 16, 2022

 

By Rahul Dhuri

 

MUMBAI – Prices of natural rubber fell for the fourth straight day today in key markets of Kerala due to weak demand from bulk buyers and domestic stockists, traders said.

 

* Sluggish demand from domestic tyremakers further weighed on rubber prices, said EJ Sunny, owner of Ernakulam-based Edattukdi Rubber Traders.

 

* Future contracts of natural rubber erased early gains and ended in the red on Japan’s Osaka Exchange as investors booked profits after the recent surge in prices. Concerns over demand from China further weighed on rubber prices, analysts said.

 

* Rubber prices rose in the early trade because of weakness in the yen against the dollar and tracking gains in crude oil contracts on the New York Mercantile Exchange. Natural rubber prices take cues from crude oil, as the latter is used to manufacture synthetic rubber.

 

* China, accounts for 42% of the global demand for natural rubber. 

 

Following are the highlights of today’s trade:

–In the key markets of Kerala, which account for nearly 70% of India’s natural rubber output, the widely traded RSS-4 variety was sold at 173-174 rupees per kg, down 1 rupee from the previous day. 

–The most-active November contract on the Japanese bourse was down 0.9 yen at 253.2 yen (148.76 rupees) per kg. 

 

End

 

Edited by Sushmita Mukherjee

 

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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