Informist, Wednesday, Nov 10, 2021
By Rahul Dhuri
MUMBAI – Natural rubber prices in the key markets of Kerala extended Tuesday’s gains today, due to firm demand from domestic stockists and bulk buyers. Supply concerns further supported rubber prices in the market, traders said.
* Unfavourable weather in important growing areas raised supply concerns in the domestic market. A likely rise in demand from tyre makers further supported the uptrend in rubber prices, said C.J. Augustine, the owner of Chettiparambil Traders based in Idukki.
* Kerala is the largest rubber producer in the country. The delay in tapping due to heavy rains in the state is likely to create a supply crunch in the market, thereby supporting rubber prices, industry experts said.
* On the Tokyo Commodity Exchange, the most active April contract of rubber recouped early losses and ended higher tracking gains in crude oil prices. Natural rubber prices take cues from crude oil as it is used to manufacture synthetic rubber.
* Crude oil prices on New York Mercantile Exchange rose in the Asian trade as inventories in the US declined unexpectedly in the week ended Friday. The American Petroleum Institute reported that stockpiles in the country had declined by 2.5 mln barrels last week.
* Rubber prices on TOCOM, were down in the early trade today tailing a decline in benchmark rubber contracts on Shanghai Futures Exchange and because of strength in the yen against the US dollar.
* Following are the highlights of today’s trade:
–The widely traded RSS-4 variety was quoted at 179-180 rupees per kg, up 1 rupee from the previous close.
–The April contract on TOCOM ended at 221.1 yen (about 145.19 rupees), up 0.9 yen from the previous close. End
Edited by Maheswaran Parameswaran
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