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India Rubber: Steady in Kerala; prices seen rising next week

Informist, Tuesday, Jun 28, 2022

 

By Uddipta Banerjee

 

NEW DELHI – Prices of natural rubber remained largely unchanged in the key markets of Kerala today, and are likely to remain steady or slightly higher over the next four-five sessions due to supply concerns and firm demand, experts said. 

 

* In the coming week, prices are seen rising to 180-185 rupees per kg.

 

* “Lower availability of raw material is seen supporting prices as rains in the key producing regions has affected the tapping activity,” said C.J. Augustine, the owner of Idukki-based Chettiparambil Traders.

 

* In the global market, futures contracts of natural rubber ended higher today on the back of a rise in crude oil prices, as the former is used in making synthetic rubber.   

 

* However, a resurgence of coronavirus cases in the tech hub of Shenzhen and other cities in China weighed on demand. China accounts for 42% of the global demand for natural rubber.

 

* A rise in global output of rubber is further seen weighing on rubber prices. Global production of natural rubber rose to 991,000 tn in May, the Association of Natural Rubber Producing Countries said in a monthly report. In April, global production was at 941,000 tn.

 

Following are the highlights of today’s trade:

–In Kerala, the widely traded RSS-4 variety was sold at 179 rupees per kg, unchanged from the previous day.

–The most-active November contract on the Japanese bourse was up 2.2 yen at 258.4 yen (149.8 rupees) per kg. 

 

End

 

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. 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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