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India rubber: Prices slightly down on weak demand from tyre cos

Informist, Thursday, Dec 1, 2022

 

By Rahul Dhuri

 

MUMBAI – Rubber prices fell slightly in the key markets of Kerala due to weak demand from tyre-making companies, market participants said.

 

* Demand from tyre-making companies was subdued due to higher imports, local traders said. 

 

* The near-term outlook remains weak due to concern about demand from bulk buyers amid higher supply. The decline in demand from tyre-making companies impacted the price of natural rubber in the domestic market, as the commodity is the key raw material for the tyre industry. 

 

* The supply is expected to be high in the market as the key tapping season of rubber will last till January, said Joy Alencherry, the owner of J&J Trade Links, based in Kerala.

 

* Futures contracts of natural rubber erased early gains and ended lower on Japan’s Osaka Exchange due to concern about demand from China, the largest consumer of the commodity. 

 

* Weak manufacturing activity amid worries about rising COVID-19 cases in China dented sentiment.

 

* In the early trade, futures contracts of natural rubber rose on Japan’s Osaka Exchange due to value buying by investors after the recent fall in prices. Improved demand from glove makers further supported the uptrend.

 

* Following are the highlights of today’s trade:

 

–The widely-traded RSS-4 variety of rubber was sold at 144.50 rupees per kg, down 0.5 rupee from the previous day. Kerala accounts for nearly 70% of India’s natural rubber production. 

–The most-active May contract on the Osaka Exchange was down by 0.8 yen at 217.2 yen (129.30 rupees) per kg. End

 

Edited by Akul Nishant Akhoury

 

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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