Informist, Monday, May 23, 2022
By Rahul Dhuri
MUMBAI – Prices of natural rubber rose in the benchmark market of Kerala today due to improved demand from domestic stockists. Concerns about supply also supported prices, traders said.
* Supply concerns persist as rains have hindered rubber taping in Kerala, the largest producer of the commodity in the country, said John Joseph, owner of Ernakulam-based J.J.Trading Co.
* However, tepid demand from tyre makers capped the rise in prices. Around 75% of the global demand for natural rubber comes from tyre and auto components manufacturers.
* The auto sector has been hit hard by a continuing disruption in the supply of semiconductors, traders said.
* Futures contracts of natural rubber on Japan’s Osaka Exchange ended higher today due to value buying by investors after the recent fall in prices, analysts said.
* Rubber prices were down in early trade today due to an increase in natural rubber production estimates, experts said.
* In its monthly report, the Association of Natural Rubber Producing Countries has said global production of natural rubber rose 13.6% on year to 941,000 tn in April.
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 172-173 rupees per kg, up 1 rupee from the previous day.
–The most-active October contract of rubber on the Japanese bourse ended up 0.8 yen at 245.6 yen (149.54 rupees) per kg.
End
Edited by Avishek Dutta
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Source: Cogencis
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