Informist, Friday, May 20, 2022
By Puja Das
NEW DELHI – Prices of natural rubber rose in the benchmark market of Kerala today, due to lack of availability of raw material in the market owing to continuous heavy rainfall, traders said.
* Pre-monsoon showers have forced some small-scale rubber growers in Kerala to stop tapping, which could lead to supply constraints, said Santosh Kumar, member of the rubber committee of The United Planters’ Association of Southern India.
* The India Meteorological Department has forecast isolated heavy rainfall in Kerala from May 20 to May 22.
* Futures contracts of natural rubber on Japan’s Osaka Exchange ended in the green because of concern over global supply and on the hope that demand from the top buyer China may pick up soon, analysts said.
* Weakness in the yen against the dollar also supported prices. A weak Japanese currency makes the yen-denominated rubber cheaper for buyers holding other currencies.
Following are the highlights of today’s trade:
–In the key markets of Kerala, the widely-traded RSS-4 variety of rubber was sold at 174 rupees per kg, up 1 rupee from the previous day.
–The most-active October contract of rubber on the Japanese bourse ended higher 1.3 yen at 245.9 yen (149.31 rupees) per kg.
End
US$1 = 77.55 rupees
Edited by Vidhi Verma
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