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India Rubber: Prices extend fall in Kerala on weak local demand

Informist, Wednesday, Jul 20, 2022

 

By Rahul Dhuri

 

MUMBAI – Prices of natural rubber extended Tuesday’s fall in key markets of Kerala due to weak demand from bulk buyers. However, tight supply limited the fall in prices, traders said.

* There are supply concerns as rain in key producing regions has affected tapping activity. Supply concerns will continue till mid-September, said Raju Varghese, the owner of Kottayam-based Polachirayli Traders.

 

* In the global market, prices of natural rubber closed higher on Japan’s Osaka Exchange due to value buying by investors after the recent fall in prices, analysts said.

 

* However, the near-term outlook remains weak due to concerns about demand from major global buyers. A rise in global output amid waning demand for natural rubber latex from major importing countries is also seen weighing on the sentiment, industry experts said.

 

* There are demand concerns due to a rise in COVID-19 cases in China and the growing risk of a global economic recession, market participants said.

 

* China is the world’s top consumer of natural 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 172-173 rupees per kg, down 1 rupee from the previous day.  

–The most-active December contract on the Osaka Exchange was up 1 yen at 240.5 yen (139.62 rupees) per kg. 
 

End

US$1 = 79.99 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Namrata Rao

 

 

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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