Informist, Friday, Jan 27, 2023
By Mridula Lathan
MUMBAI – Prices of natural rubber remained steady in key markets of Kerala today as tyre-manufacturing companies quoted prices lower than the market rate, local traders said. In the current week, prices followed a largely steady trend in Kerala as transactions were fewer due to low supply from sellers.
* Tyre makers are quoting lower prices in order to avoid any prospects of a sharp price hike in the coming days, a local trader said.
* Despite a marginal improvement in supply from sellers, bulk of them are still holding back the stock in the belief that prices may rise in the near term.
* The market is also looking forward for the price trend from China following its reopening after holidays. If prices show an uptrend in the global market, it may also reflect in the domestic rubber prices, said C.J Augustine, a local trader.
* Future contracts of natural rubber fell marginally on Japan’s Osaka Exchange due to a firm yen. Strengthening of Japanese currency against the dollar dents the demand for the yen-denominated rubber, as it makes the commodity expensive for buyers holding other currencies.
Following are the highlights of today’s trade:
–Widely-traded RSS-4 variety was sold at 142-143 rupees per kg, unchanged from the previous trading day.
–Most-active June contract on the Osaka Exchange was down 0.9 yen at 233.6 yen (147 rupees) per kg.
Edited by Vidhi Verma
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