Informist, Thursday, Oct 14, 2021
By Rahul Dhuri
MUMBAI – Prices of natural rubber were largely unchanged in the key markets of Kerala today. However, the near-term outlook remains weak due to a likely rise in output, as peak tapping season has commenced in Kerala, the largest rubber grower in the country, traders said.
* India’s natural rubber output is seen up at 79,000 tn in October compared with 67,000 tn a month ago. The removal of COVID-19 restrictions in Kerala has considerably eased farm management operations, labour availability, and supply network, the Association of Natural Rubber Producing Countries said.
* On the Tokyo Commodity Exchange, rubber contracts ended marginally up due to a weak yen against the US dollar and on expectations of rise in demand from major bulk buyers, said analysts.
* Slight gains in crude oil contracts on New York Mercantile Exchange also supported prices. Crude oil prices rose as the dollar’s weakness against major currencies lifted demand for the commodity.
* Natural rubber takes cues from crude oil as the latter is used to make synthetic rubber.
* Following are the highlights of today’s trade:
–The widely traded RSS-4 variety was quoted at 169-170 rupees per kg, unchanged from the previous close
–The March contract on TOCOM ended at 224.5 yen (about 149.03 rupees), up 0.5 yen from the previous close.
End
Edited by Ashish Shirke
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