Informist, Thursday, Dec 9, 2021
MUMBAI – Natural rubber prices in the key markets of Kerala extended Wednesday’s fall today, tracking weakness in the global market. However, concerns over supply amid improved demand from domestic stockists limited the fall, traders said.
* Heavy rainfall has delayed the tapping of rubber trees. Rains had impaired output in October and November. Bulk buyers are actively buying rubber, thus supporting prices of the commodity, said John Joseph, the owner of J.J.Trading Co, based in Ernakulam.
* In the global market, natural rubber contracts on Tokyo Commodity Exchange fell sharply due to weak demand from major bulk buyers. Weakness in benchmark contracts on the Shanghai Futures Exchange also weighed on rubber prices, analysts said.
* Natural rubber prices take cues from crude oil as the latter is used to manufacture synthetic rubber. Crude oil futures on the New York Mercantile Exchange slips negating early gains as countries imposed restrictions to curb the spread of ‘omicron’ variant of COVID-19 as the number of cases rose.
* Following are the highlights of today’s trade:
–The widely-traded RSS-4 variety was quoted at 182-185 rupees per kg today, down 1 rupee from the previous close.
–The most-active May contract on the TOCOM ended at 228.0 yen (152.24 rupees), down 0.7 yen from the previous close.
End
US$1 = 75.52 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Pranav S. Joshi
Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2021. All rights reserved.
Source: Cogencis
