Informist, Tuesday, Oct 5, 2021
By Rahul Dhuri
MUMBAI – Natural rubber prices rose today in key markets of Kerala, tracking early gains in the global market, where prices rose in line with crude oil prices, traders said.
* On the Tokyo Commodity Exchange, rubber prices rose in the early trade tracking gains in crude oil prices, which surged to multi-year highs on Monday. Rubber prices take cues from crude oil as it is used to manufacture synthetic rubber.
* Improved demand from domestic stockists and bulk buyers also supported the uptrend in natural rubber prices, said M.K. Abraham, the owner of Menathottathil House based in Thiruvananthapuram.
* The benchmark rubber contract on TOCOM, however, erased early gains and ended marginally lower on expectations of a rise in global supply, analysts said.
* The global production of natural rubber is estimated to rise 12% on-month to 1.26 mln tn in October, the Association of Natural Rubber Producing Countries said.
* Global supply of the commodity is expected to rise in most of the major producing countries on account of favourable weather and further easing of COVID-19 restrictions, as per the association.
* Following are the highlights of today’s trade:
–The widely-traded RSS-4 variety was quoted at 170-172 rupees per kg, up 1-2 rupees from the previous close.
–The March contract on TOCOM ended at 210.5 yen (about 141.30 rupees), down 0.5 yen from the previous close.
End
Edited by Mainak Moitra
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