Informist, Friday, Aug 5, 2022
By Rahul Dhuri
MUMBAI – Prices of natural rubber in the key markets of Kerala extended Thursday’s gain today due to concerns over supply amid fresh demand from domestic stockists. An expected rise in domestic bulk demand also supported prices, traders said.
* There are concerns over supply as rain in key producing regions has affected tapping activity. Such concerns will prevail till mid-September when tapping is likely to pick up pace, said Joy Alencherry, owner of J&J Trade Links in Kottayam.
* In the global market, the most active January contract of natural rubber on Japan’s Osaka Exchange was up today due to a rise in crude oil prices on the New York Mercantile Exchange. Rubber prices take cues from crude oil as it is used to manufacture synthetic rubber.
* However, the near-term outlook for rubber remains weak due to a rise in global output and weak demand from bulk buyers across the globe. Investor sentiment remained clouded due to concern over demand amid growing risk of a global economic recession, analysts said.
* Global production of natural rubber in June was 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 for 170-171 rupees per kg, up 1 rupee from the previous day.
–The most active January contract on the Osaka Exchange was up 3.2 yen at 230.9 yen (137.60 rupees) per kg.
US$1 = 79.23 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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