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India Rubber: Prices extend fall in Kerala market as sentiment weak

Informist, Wednesday, Jul 13, 2022

 

By Rahul Dhuri 

 

MUMBAI – The prices of natural rubber fell in the key markets of Kerala as sentiment remains weak due to concerns about demand in the domestic and global markets. However, tight supply cushioned the fall in prices, traders said.

 

* Tepid demand from bulk buyers amid waning demand for natural rubber latex from major importing countries weighed down prices. However, rain in key producing regions have affected tapping, leading to concerns about supply, said Raju Varghese, owner of Polachirayil Traders in Kottayam.

 

* In the global market, futures contracts of natural rubber on Japan’s Osaka Exchange rebounded from early losses and ended marginally higher tracking gains in crude oil prices, analysts said.

 

* Rubber prices were down in early trade as investors booked profits after the recent surge in prices. Concerns over demand from bulk buyers further weighed down rubber prices, said market participants.

 

* Sentiments are clouded by concerns over demand from China as COVID-19 cases in the country continued to climb, as well as waning demand for natural rubber latex from major importing countries and the growing risk of a global economic recession, industry experts said.

 

* 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 at 175-176 rupees per kg, down 1 rupee from the previous day.

–The most active December contract on Osaka Exchange was up 0.5 yen at 244.3 yen (141.76 rupees) per kg. 

 

End

 

Edited by Michael Correya

 

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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