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Tuesday, October 4, 2022

India Rubber: Prices up in Kerala as concerns over supply persist

Informist, Monday, Jul 25, 2022

 

By Rahul Dhuri

 

MUMBAI – Prices of natural rubber rose in the key markets of Kerala due to concerns over supply in the domestic market. However, weak demand from domestic bulk buyers capped the gains, traders said.

* Domestic supply remains tight as rain in key producing regions has affected tapping activity. Supply concerns will continue till mid-September, said Raju Varghese, the owner of Polachirayil Traders in Kottayam.

 

* Gains in the global market also supported prices in the domestic market. Futures contracts of natural rubber on Japan’s Osaka Exchange rose today due to value buying by investors after the recent fall in prices. However, a fall in crude oil prices the rise in rubber prices, analysts said.

 

* The near-term outlook for rubber remains weak due to a rise in global output amid concerns over demand from China owing to a rise in COVID-19 cases. The growing risk of a global recession is further seen weighing on sentiment, experts 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, up 1 rupee from the previous day.

–The most active December contract on the Osaka Exchange was up 1.6 yen at 239.5 yen (140.28 rupees) per kg. 

 

End

 

US$1 = 79.73 rupees

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

 

Edited by Avishek Dutta

 

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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