Informist, Thursday, Sep 30, 2021
By Rahul Dhuri
MUMBAI – Natural rubber prices fell further today in the key markets of Kerala as demand from domestic stockists and bulk buyers remained weak. However, an increase in purchases from the industrial sector cushioned the fall, industry experts said.
* Festival demand is coming in, but the availability of rubber is a problem. There are supply concerns in the market as tapping in Kerala, the largest producer of rubber, is yet to gain pace, said Girish Kumar, a trader based in Kottayam.
* On the global front, rubber contracts ended higher on the Tokyo Commodity Exchange on expectations of a rise in near-term demand with easing restrictions in Japan, which will boost economic activity, said analysts
* On Tuesday, Prime Minister Yoshihide Suga announced that COVID-related restrictions will be eased gradually. The Japanese government is set to fully lift the state of emergency covering Tokyo and 18 other prefectures, as well as the quasi-state of emergency in other areas, as infections have declined from their peak.
* However, a fall in crude oil contracts on the New York Mercantile Exchange capped sharp gains on TOCOM. Futures contracts of crude oil fell marginally in Asian trade on the NYMEX due to an unexpected rise in US crude inventories in the latest week, said analysts.
* 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:
–The widely-traded RSS-4 variety was quoted at 165-166 rupees per kg, down 1 rupee from the previous close.
–The March contract on TOCOM ended at 212.1 yen (about 140.61 rupees), up 0.3 yen from the previous close. End
Edited by Snigdha Kuttikat
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