Informist, Wednesday, Sep 29, 2021
By Rahul Dhuri
MUMBAI – Natural rubber prices in the key markets of Kerala extended Tuesday’s fall today due to tepid demand from bulk buyers, market participants said.
* However, the outlook remains firm due to concern over supply amid improved demand from the industrial sector, industry experts said.
* Festival demand is coming in, but the availability of rubber is a problem. Heavy rains and rising COVID-19 cases in Kerala have disrupted tapping activity, leading to a tight supply situation in domestic markets, said Roy Kurian, the owner of Chennattumattam Traders based in Kottayam, Kerala.
* On the global front, rubber contracts erased early gains and ended in the red on the Tokyo Commodity Exchange, tailing weakness in crude oil contracts on the New York Mercantile Exchange, analysts said.
* Crude oil prices on NYMEX declined due to an unexpected rise in US crude oil inventories. According to reports from the American Petroleum Institute, inventories of crude oil in the US rose 4.1 mln barrels for the week ended Sep 24.
* Natural rubber prices take cues from crude oil as the latter is used to manufacture synthetic rubber.
* Following are the highlights of today’s trade:
–Today, the widely-traded RSS-4 variety was quoted at 166-167 rupees per kg, down 1 rupee from the previous close.
–The March contract on TOCOM ended at 206.8 yen (about 137.89 rupees), down 0.8 yen from the previous close. End
Edited by Maheswaran Parameswaran
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