Informist, Tuesday, Jul 5, 2022
By Rahul Dhuri
MUMBAI – Prices of natural rubber fell in key markets of Kerala as domestic stockists refrained from buying after prices rose to a seven-month high on Monday.
* However, the outlook remains firm due to concerns over supply, coupled with a rise in demand from the tyre-making industry, said Raju Varghese, the owner of Kottayam-based Polachirayil Traders.
* Futures contracts of natural rubber were down on Japan’s Osaka Exchange today due to concerns over demand from major buyers. However, gains in crude oil prices limited the sharp fall in natural rubber prices, analysts said.
* China has tightened its COVID-19 control measures as cases continued to rise over the weekend. China is the world’s top consumer of natural rubber.
* China has placed 1.7 mln people under lockdown in central Anhui province, where authorities reported nearly 300 new cases on Monday. The country is the last major economy following a zero-COVID strategy, responding to all cases with strict isolation orders and tough testing campaigns.
* Crude oil contracts rose on the New York Mercantile Exchange in Asian trade today on worries of tight supply. 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 179-180 rupees per kg, down 1 rupee from the previous day.
–The most-active December contract on Osaka Exchange was down 0.8 yen at 256.5 yen (149.86 rupees) per kg.
Edited by Maheswaran Parameswaran
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