15 C
New York
Saturday, October 1, 2022

India Rubber: Prices extend fall in Kerala on tepid local demand

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.

 

End

 

US$1 = 79.63 rupees

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

 

Edited by Sushmita Mukherjee 

 

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.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to [email protected]

 

Informist Media Pvt. Ltd. 2022. All rights reserved.

Source: Cogencis

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,299FansLike
12,893FollowersFollow
748FollowersFollow
- Advertisement -

Latest Articles

Popular Articles