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Wednesday, December 7, 2022

India Rubber: Prices fall further in Kerala on weak demand

Informist, Tuesday, Sep 20, 2022

 

By Rahul Dhuri

MUMBAI – Prices of natural rubber extended their fall from Monday in the key markets of Kerala, which accounts for nearly 70% of India’s output, due to dwindling demand from domestic bulk buyers and expectation of higher supply, traders said.

 

* Ocean freight rates have come down sharply as shipping logistics have returned to normal, making import of natural rubber cheaper and faster, said Raju Varghese, the owner of Polachirayil Traders based in Kottayam. This could also weigh on rubber prices, he said.

 

* On Japan’s Osaka Exchange, natural rubber prices erased early gains and ended in the red as investors booked profits after the recent price surge, analysts said.

 

* Rubber prices rose early in the trade following a rise in price of crude oil, which is used to make synthetic rubber.

 

* Lifting of all COVID lockdowns by China is one of the prerequisites for a major recovery in prices of natural rubber in the near term, industry experts said.

 

* This is because, China accounts for around 42% of the global demand for natural rubber.

 

Following are the highlights of today’s trade:

–In Kerala, the widely-traded RSS-4 variety was sold at 147-148 rupees per kg, down 1 rupee from the previous day.

–The most-active February contract of rubber on the Osaka Exchange was down 1 yen at 226.5 yen (126.04 rupees) per kg.

End

 

US$1 = 79.75 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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