Informist, Monday, Apr 11, 2022
By Rahul Dhuri
MUMBAI – Prices of natural rubber rose in the key markets of Kerala due to renewed demand from domestic stockists after the recent fall in prices. Supply concerns in the domestic market and an early rise in prices in the global market also aided sentiment, traders said.
* In Kerala, the largest rubber producer in the country, tapping of the commodity has slowed due to a rise in temperatures. However, sluggish demand from tyre makers limited the rise in prices, said E.J. Sunny, owner of Edattukdi Rubber Traders based in Ernakulam.
* Automobile sales in India are unlikely to claw back to pre-COVID levels this financial year as low demand and purchasing capacity have hit sales of two-wheelers, the biggest volume drivers in the industry, said Vinkesh Gulati, president, Federation of Automobile Dealers Associations.
* The association said it remains “extremely cautious” about the Russia-Ukraine conflict and lockdowns in China, as both have a bearing on the availability of key inputs for the automobile sector. The uncertainty around the automotive parts is likely to limit production in the current financial year.
* Futures contracts of natural rubber on the Osaka Exchange ended in the red today due to concerns over demand amid rising COVID cases in China, one of the largest consumers. According to media reports, 23 Chinese cities have implemented either full or partial lockdowns due to a surge in cases, which has hit industrial operations.
* Rubber prices on the Osaka Exchange rose in the early trade due to weakness in the yen against the US dollar. Gains in the benchmark rubber contract on the Shanghai Futures Exchange also supported prices, analysts said.
Following are the highlights of today’s trade:
–The widely-traded RSS-4 variety of rubber was sold at 174-175 rupees per kg, up 1 rupee from the previous day.
–The most-active September contract of rubber on the Japanese bourse ended 1 yen lower at 262.2 yen (158.10 rupees) per kg.
End
Edited by Aditya Sakorkar
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