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India Rubber: Prices down in Kerala tailing fall in global market

Informist, Wednesday, Aug 10, 2022

 

By Rahul Dhuri

 

MUMBAI – Prices of natural rubber fell in key markets of Kerala today, tracking early weakness in the global market. However, concerns about supply in the domestic market cushioned the fall in prices, traders said.

 

* Concerns related to supply have arisen as rainfall in key producing regions of Kerala has affected tapping activity. These concerns are likely to persist till mid-September until tapping picks up pace, said Raju Varghese, owner of Polachirayil Traders in Kottayam.

 

* On Japan’s Osaka Exchange, the most-active January contract of natural rubber recouped losses and ended marginally higher due to value buying by investors after the recent fall, analysts said.

 

* Rubber prices were down early in the day tracking contracts on the Shanghai Futures Exchange, and due to rise in the yen against the dollar, analysts said.

 

* A firm Japanese currency makes the yen-denominated rubber expensive for buyers holding other currencies. The near-term outlook remains weak due to rise in global output and weak demand from bulk buyers.

 

* 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 at 167-168 rupees per kg, down 1 rupee from the previous day.

–The most-active January contract on the Osaka Exchange was up 0.4 yen at 231.4 yen (136.24 rupees) per kg. 

End

 

US$1 = 79.52 rupees

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

 

Edited by Ashish Shirke

 

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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