Informist, Thursday, Nov 24, 2022
By Rahul Dhuri
MUMBAI – Prices of natural rubber fell today in the key markets of Kerala due to improved supply after rains had hit rubber tapping last week, traders said.
* Demand for natural rubber from tyre-making companies has declined as they depend more on imported rubber, which is cheaper. Tyre-manufacturing companies in India no longer face any uncertainty in accessing natural rubber from overseas. Tyre companies are also sourcing rubber from north-eastern states, and this has reduced demand for rubber from Kerala, said C.J. Augustine, the owner of Chettiparambil Traders.
* Natural rubber is a key raw material for the tyre industry. India is among the world's largest producers of rubber and the third-largest consumer of the commodity.
* Futures contracts of natural rubber on Japan's Osaka Exchange fell, tracking a sharp decline in crude oil prices on Wednesday amid weak demand from China. Oil prices fell sharply late on Wednesday after Reuters reported that the Group of Seven countries was likely to impose a price cap on Russian oil, which would be higher than the current range at which it is trading.
* Crude oil is used in making synthetic rubber, which makes rubber sensitive to price movements in oil.
* Additionally, COVID-related restrictions in China hit demand for rubber from the country, the largest consumer of the commodity.
Following are the highlights of today's trade:
--The widely traded RSS-4 variety was sold at 146 rupees per kg, down 1 rupee from the previous day. Kerala accounts for nearly 70% of India's natural rubber production.
--The most-active April rubber contract on the Osaka Exchange was down by 1.6 yen at 213.0 yen (125.73 rupees) per kg. End
Edited by Avishek Dutta
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Informist, Thursday, Nov 24, 2022
By Rahul Dhuri
MUMBAI – Prices of natural rubber fell today in the key markets of Kerala due to improved supply after rains had hit rubber tapping last week, traders said.
* Demand for natural rubber from tyre-making companies has declined as they depend more on imported rubber, which is cheaper. Tyre-manufacturing companies in India no longer face any uncertainty in accessing natural rubber from overseas. Tyre companies are also sourcing rubber from north-eastern states, and this has reduced demand for rubber from Kerala, said C.J. Augustine, the owner of Chettiparambil Traders.
* Natural rubber is a key raw material for the tyre industry. India is among the world's largest producers of rubber and the third-largest consumer of the commodity.
* Futures contracts of natural rubber on Japan's Osaka Exchange fell, tracking a sharp decline in crude oil prices on Wednesday amid weak demand from China. Oil prices fell sharply late on Wednesday after Reuters reported that the Group of Seven countries was likely to impose a price cap on Russian oil, which would be higher than the current range at which it is trading.
* Crude oil is used in making synthetic rubber, which makes rubber sensitive to price movements in oil.
* Additionally, COVID-related restrictions in China hit demand for rubber from the country, the largest consumer of the commodity.
Following are the highlights of today's trade:
--The widely traded RSS-4 variety was sold at 146 rupees per kg, down 1 rupee from the previous day. Kerala accounts for nearly 70% of India's natural rubber production.
--The most-active April rubber contract on the Osaka Exchange was down by 1.6 yen at 213.0 yen (125.73 rupees) per kg. End
Edited by Avishek Dutta
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 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
