Informist, Monday, Dec 5, 2022
By Mridula Lathan
MUMBAI – Prices of natural rubber fell in the key markets of Kerala due to tepid demand from tyre-making companies amid higher supply, a local trader said.
* The prices of natural rubber in Kerala were also affected due to a rise in demand for the commodity from northeastern states, which is cheaper, local traders said. Concerns over demand from the auto manufacturing sector further weighed on the price sentiment as natural rubber is a key raw material for the tyre industry.
* Supply is expected to be high as it is the peak tapping season of the commodity till January. This also had an influence on the price sentiment in the domestic market.
* On Japan’s Osaka Exchange, futures contracts of natural rubber rose today, tracking gains in crude oil prices. Crude oil is used in the making of synthetic rubber which makes the rubber prices sensitive to oil price movements.
* Sentiments remain firm as China, the largest consumer of rubber in the world, has eased restrictions in certain cities of the country to control COVID-19 cases. This also boosted demand outlook for rubber.
Following are the highlights of today’s trade:
–The widely-traded RSS-4 variety of rubber was sold at 144 rupees per kg, down 1 rupee from the previous trading day. Kerala accounts for nearly 70% of India’s natural rubber production.
–The most-active April contract on the Osaka Exchange was up by 1 yen at 219.8 yen (133 rupees) per kg.
US$1 = 81.79 rupees
Edited by Manisha Baxla
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