Informist, Friday, Dec 30, 2022
By Mridula Lathan
MUMBAI – Prices of natural rubber rose for a third consecutive day in the key markets of Kerala due to low supply amid higher demand, local traders said. The number of transactions was also very low in the market today due to fewer sellers.
* Supply was less in the market as sellers were holding back the stock in expectation of an increase in prices in the coming days, said Thaha. K. Mohamed, the owner of Sara Traders.
* Despite being the peak tapping season for rubber, the availability of the commodity is less in the market due to lower production.
* Demand from dealers was also high due to short covering, said Kurian Abraham, a local trader.
* From Wednesday, prices started rising for RSS-4 variety of rubber in Kerala after a month-long downtrend due to tepid demand and higher supply.
* Futures contracts of natural rubber fell marginally today on Japan’s Osaka Exchange due to a strong yen. Strengthening of the Japanese currency against the dollar dents demand for yen-denominated rubber as it makes the commodity expensive for buyers holding other currencies.
Following are the highlights of today’s trade:
–The widely-traded RSS-4 variety was at 136-137 rupees per kg, up 1 rupee from the previous day.
–The most-active June contract on the Osaka Exchange was down 0.5 yen at 217.5 yen (136 rupees) per kg. End
Edited by Tanima Banerjee
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