Informist, Friday, Jul 1, 2022
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By Rahul DhuriÂ
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MUMBAI – Prices of natural rubber in key markets of Kerala rose today due to concerns over supply. Improved demand for the commodity from domestic stockists further supported prices, traders said.
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* Lower availability of raw material is expected to support prices as rains in key producing regions have affected tapping activity, said Joy Alencherry, owner of Kerala-based J&J Trade Links.Â
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* In global markets, futures contracts of natural rubber rose today on hope of a recovery in demand from China, one of the top consumers, and tracking gains in crude oil prices on the New York Mercantile Exchange, analysts said.
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* Demand for rubber from China is expected to increase as the country has begun to ease some COVID-19 restrictions.Â
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* Crude oil prices on NYMEX rose today after falling 3% in the previous session due to lower-level buying by investors. Natural rubber prices take cues from movement in crude oil as the latter is used to manufacture synthetic rubber.
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Following are the highlights of today’s trade:
–In Kerala, which accounts for nearly 70% of India’s natural rubber output, the widely traded RSS-4 variety was sold for 179-180 rupees per kg, up 1 rupee from the previous day.
–The most active November contract on Osaka Exchange was up 2.4 yen at 256.0 yen (149.59 rupees) per kg.Â
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End
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Edited by Tanima Banerjee
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Source: Cogencis