Informist, Monday, Jul 4, 2022
By Rahul Dhuri
MUMBAI – Prices of natural rubber rose to a seven-month high in key markets of Kerala due to improved demand from domestic stockists. Concerns over supply further supported rubber prices, traders said.
* Lower availability of raw material is expected to support prices as rains in key producing regions have affected tapping activity. Gains in the global market further supported the uptrend in the domestic market, said Thaha Mohamed, owner of Kottayam-based Sara Traders.
* In global markets, futures contracts of natural rubber rose on Japan’s Osaka Exchange today tracking those on the Shanghai Futures Exchange, said analysts.
* However, concerns over demand from China, the top consumer of natural rubber, and early weakness in crude oil contracts on New York Mercantile Exchange capped the upside.
* China’s COVID-19 cases continued to climb over the weekend. The country reported 385 cases on Saturday, with mass screening showing more than 290 cases in Anhui province alone.
* 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:
–In Kerala, which accounts for nearly 70% of India’s natural rubber output, the widely traded RSS-4 variety was sold for 180-181 rupees per kg, up 1 rupee from the previous day.
–The most active November contract on Osaka Exchange was up 0.9 yen at 258.2 yen (150.50 rupees) per kg.
Edited by Sushmita Mukherjee
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