Informist, Thursday, Aug 11, 2022
By Rahul Dhuri
MUMBAI – Prices of natural rubber extended Wednesday’s fall in key markets of Kerala today, due to tepid demand from bulk buyers and domestic stockists. However, concerns about supply in the domestic market cushioned the fall in rubber 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 Joy Alencherry, owner of J&J Trade Links in Kottayam.
* Prices of natural rubber on Japan’s Osaka Exchange were unavailable as the exchange is shut today on account of a local holiday. The bourse will resume trade on Friday.
* The near-term outlook for rubber remains weak due to a rise in global output amid weak demand from bulk buyers, analysts said.
* In July, factory activity in China contracted unexpectedly due to the rising number of COVID-19 cases in the country. Fresh virus flare-ups in the world’s top consumer of natural rubber have dampened the global demand outlook.
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 166-167 rupees per kg, down 1 rupee from the previous day.
–On Wednesday, the most active January contract of rubber on the Japanese bourse settled 0.4 yen higher at 231.0 yen (137.21 rupees) per kg.
US$1 = 79.63 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Sushmita Mukherjee
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