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Tuesday, January 31, 2023

India Rubber: Up in Kerala on fresh demand from traders as supply dn

Informist, Wednesday, Dec 28, 2022


By Mridula Lathan


MUMBAI – Prices of natural rubber rose today in the key markets of Kerala due to higher demand from traders amid a fall in supply, traders said. 


* There was fresh demand from traders in the market as they have to fulfil contracts with tyre manufacturing companies, said C.J Augustine, owner of Chettiparambil Traders. 


* However, there were very few transactions in the market as farmers were reluctant to sell the commodity as they hoped to fetch better prices in the coming days, local traders said. This led to a fall in supply, which supported prices. 


* Prices in Kerala rose today after almost a month of a downtrend amid tepid demand and higher supply. Kerala accounts for nearly 70% of India’s natural rubber production. 


* The most-active futures contracts of natural rubber on Japan’s Osaka Exchange rose marginally today due to a slightly weaker yen against the dollar. A fall in the Japanese  currency lifts the demand for rubber as it becomes cheaper for the holders of other currencies. The volume of rubber contracts was also low today.


* However, the gains were capped due to a fall in crude oil prices. Rubber takes cues from crude oil as the latter is used in the making of synthetic rubber.  


Following are the highlights of today’s trade:

–The widely-traded RSS-4 variety was at 135-136 rupees per kg, up 1-2 rupees from the previous day.

–The most-active May contract on the Osaka Exchange was up 0.8 yen at 221.4 yen (137.1 rupees) per kg.  End


Edited by Tanima Banerjee



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Source: Cogencis

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