Informist, Friday, Jul 22, 2022
By Rahul Dhuri
MUMBAI – Prices of natural rubber were largely unchanged in key markets of Kerala. However, the near-term outlook remains weak due to muted demand from domestic stockists and bulk buyers, traders said.
* The domestic supply remains tight as rain in key producing regions has affected tapping activity. Supply concerns will continue till mid-September, said Thaha Mohamed, owner of Sara Traders in Kottayam.
* In the global market, futures contracts of natural rubber fell on Japan’s Osaka Exchange today due to concerns about demand from major buyers across the globe. However, gains in crude oil prices cushioned a sharp fall in prices, analysts said. Natural rubber prices take cues from the movement in crude oil as it is used to manufacture synthetic rubber.
* The near-term outlook for rubber remains weak due to a rise in global output amid concerns over demand from China owing to a rise in COVID-19 cases. The growing risk of a global economic recession is further seen weighing on sentiment, industry experts said.
* Crude oil futures on New York Mercantile Exchange rose in early Asian trade today due to value buying by investors after the recent fall in prices. However, a rise in the US petroleum stockpiles due to weak demand for fuel in the country during the peak summer driving season capped sharp gains in crude prices.
Following are the highlights of today’s trade:
–In Kerala, which accounts for nearly 70% of India’s natural rubber output, the widely traded RSS-4 variety was sold at 171-172 rupees per kg, unchanged from the previous day.
–The most active December contract on the Osaka Exchange was down 0.4 yen at 236.1 yen (137.29 rupees) per kg.
End
US$1 = 79.85 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. 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. 2022. All rights reserved.
Source: Cogencis
