Informist, Thursday, Nov 3, 2022
By Rahul Dhuri
MUMBAI - Prices of natural rubber were down in spot markets of Kerala today as the near-term outlook remains weak due to tepid demand from tyremakers amid anticipation of higher supply, traders said.
* Tapping in key growing areas of Kerala will continue till January. Tyre companies may also go slow on purchases due to a likely downturn in the global economy, said Joy Alencherry, owner of J&J Trade Links, based in Kerala.
* India is among the world's largest producers of rubber and the third-largest consumer of the commodity.
* Natural rubber is a key raw material for the tyre industry. Nearly 65% of natural rubber is consumed by automobile industry.
* Futures contracts of natural rubber extended Wednesday's fall on Japan's Osaka Exchange today as sentiment remains weak due to tepid demand from bulk buyers amid a likely rise in supply. Supply is seen higher as it is the peak tapping season globally, industry experts said.
* Also, rubber prices are likely to remain subdued in the long term as China has imposed strict restrictions to curb fresh COVID-19 cases. Frequent lockdowns have resulted in subdued economic activities. China accounts for 42% of the global demand for natural rubber.
Following are the highlights of today's trade:
--In Kerala, the widely traded RSS-4 variety was sold at 147-148 rupees per kg, down 1 rupee from the previous day. The state accounts for nearly 70% of India's natural rubber output.
--The most active April contract of rubber on the Osaka Exchange was down 3.9 yen at 208.7 yen (116.87 rupees) per kg. End
Edited by Deepshikha Bhardwaj
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Informist, Thursday, Nov 3, 2022
By Rahul Dhuri
MUMBAI - Prices of natural rubber were down in spot markets of Kerala today as the near-term outlook remains weak due to tepid demand from tyremakers amid anticipation of higher supply, traders said.
* Tapping in key growing areas of Kerala will continue till January. Tyre companies may also go slow on purchases due to a likely downturn in the global economy, said Joy Alencherry, owner of J&J Trade Links, based in Kerala.
* India is among the world's largest producers of rubber and the third-largest consumer of the commodity.
* Natural rubber is a key raw material for the tyre industry. Nearly 65% of natural rubber is consumed by automobile industry.
* Futures contracts of natural rubber extended Wednesday's fall on Japan's Osaka Exchange today as sentiment remains weak due to tepid demand from bulk buyers amid a likely rise in supply. Supply is seen higher as it is the peak tapping season globally, industry experts said.
* Also, rubber prices are likely to remain subdued in the long term as China has imposed strict restrictions to curb fresh COVID-19 cases. Frequent lockdowns have resulted in subdued economic activities. China accounts for 42% of the global demand for natural rubber.
Following are the highlights of today's trade:
--In Kerala, the widely traded RSS-4 variety was sold at 147-148 rupees per kg, down 1 rupee from the previous day. The state accounts for nearly 70% of India's natural rubber output.
--The most active April contract of rubber on the Osaka Exchange was down 3.9 yen at 208.7 yen (116.87 rupees) per kg. End
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 feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
