Informist, Wednesday, Oct 20, 2021
By Kavita Desai
MUMBAI – Prices of natural rubber rose in the key markets of Kerala today, due to concerns over supply and tracking gains in the key contracts on the Tokyo Commodity Exchange, said analysts.
* Domestic prices gained due to renewed demand from domestic stockists and disruption in tapping led by heavy rains in the key growing regions, said Santhosh Kumar, executive director of Harrisons Malayalam Ltd, a rubber producer company.
* The Indian Meteorological Department has forecast very heavy showers over Kerala, Mahe, Tamil Nadu and Puducherry till Thursday.
* Torrential rains in Kerala since Saturday have devastated crops spread over 18,764.72 ha, leading to a loss of 2.81 bln rupees to farmers. As per a first information report on crop loss filed by the state farm department, so far, over 1,468.6 ha under rubber (tapped and untapped) have been damaged.
* On TOCOM, the benchmark March rubber contract closed higher due to weakness in the yen against the dollar and on expectations of a rise in global demand, especially from China, said analysts.
* To cater demand from the manufacturing sector, China is likely to import 1.26 mln tn of natural rubber in the fourth quarter, taking the total imports for the year to 4.920 mln tn, the Association of Natural Rubber Producing Countries said.
* Following are the highlights of today’s trade:
–The widely traded RSS-4 variety was quoted at 171-172 rupees per kg, up 1 rupee from Monday. The market was shut on Tuesday on account of Eid-e-Milad.
–The March contract on TOCOM ended at 233.5 yen (about 152.9 rupees), up 0.4 yen from the previous close.
End
Edited by Pranav S. Joshi
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