Informist, Wednesday, Dec 14, 2022
By Mridula Lathan
MUMBAI – Prices of natural rubber in the key markets of Kerala extended their fall today due to weak demand from tyre makers, local traders said.
* Demand from bulk buyers in the domestic market has declined, mainly due to the availability of cheaper rubber from overseas. Stockists are also not keen to buy the commodity as the near-term price outlook for the Kerala market is weak, local traders said.
* Another factor weighing on prices was the fact that supply is seen as sufficient, as the period till January is the peak tapping season for rubber.
* Prices of natural rubber in Kerala, which accounts for nearly 70% of India’s production of the commodity, are showing a downward trend for more than a week now.
* Futures contracts of natural rubber on Japan’s Osaka Exchange rose today due to a rise in crude oil prices on New York Mercantile Exchange. Rubber prices take cue from crude oil as the latter is used to make synthetic rubber.
Following are the highlights of today’s trade:
–The widely-traded RSS-4 variety of rubber was sold at 140-141 rupees per kg, down 1 rupee from the previous day.
–The most-active May contract on the Osaka Exchange was higher by 1 yen at 232.8 yen (142.2 rupees) per kg.
End
Edited by Avishek Dutta
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