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India Rubber: Prices unch in Kerala; near term outlook remains weak

Informist, Friday, Jul 29, 2022

 

By Rahul Dhuri

 

MUMBAI – Prices of natural rubber in the key markets of Kerala were largely unchanged today. However, the near-term outlook remains weak due to muted demand from domestic stockists and bulk buyers, traders said.

 

* Domestic supply of the commodity remains tight as rain in key producing regions has affected tapping activity. Concerns over supply will continue till mid-September, said Thaha Mohamed, owner of Sara Traders in Kottayam.

 

* In the global market, the most active December contract of natural rubber on Japan’s Osaka Exchange ended marginally higher tracking gains in crude oil prices on the New York Mercantile Exchange. Natural rubber prices take cues from the movement in crude oil as it is used to manufacture synthetic rubber.

 

* The outlook for rubber remains weak due to tepid demand from bulk buyers amid a rise in global output, analysts said. 

 

* Following a fresh resurgence of COVID-19 cases in China, sentiments were clouded by concerns over demand. China is the world’s top consumer of natural rubber.

 

* The global production of natural rubber in June is recorded at 1.11 mln tn, up 3.8% from the same period a year ago, the Association of Natural Rubber Producing Countries said in its report.

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 168-169 rupees per kg, unchanged from the previous day.

–The most active December contract on the Osaka Exchange was up 0.1 yen at 236.1 yen (140.24 rupees) per kg. 

 

End

 

US$1 = 79.25 rupees

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

 

Edited by Maheswaran Parameswaran

 

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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