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India Rubber: Prices at 6-week low in Kerala on dwindling demand

Informist, Friday, Jul 15, 2022

 

By Rahul Dhuri 

 

MUMBAI – Prices of natural rubber slipped to a six-week low in key markets of Kerala due to dwindling demand from bulk buyers and domestic stockists. However, tight supply limited the fall in prices, traders said.

 

* Rains in key producing regions have affected tapping, leading to concerns about supply, which would persist till mid-September until tapping gains pace, said Joy Alencherry, owner of J&J Trade Links in Kerala.

 

* In the global market, futures contracts of natural rubber erased early gains on Japan’s Osaka Exchange and closed marginally lower due to concerns over demand from bulk buyers, analysts said.

 

* Demand from China remained weak due to a surge in COVID-19 cases. China is the world’s top consumer of natural rubber.

 

* Waning demand for natural rubber latex from major importing countries and growing risk of a global economic recession further weighed on sentiments, industry experts said. 

 

* Rubber prices rose in early trade today due to value buying by investors after a recent fall in prices. A rise in crude oil prices further supported gains in rubber prices.

 

* 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 173 rupees per kg, down 1 rupee from the previous day.

–The most-active December contract on the Osaka Exchange was down 0.2 yen at 241.3 yen (138.68 rupees) per kg. 

 

End

 

Edited by Vidhi Verma

 

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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