Informist, Monday, Jul 11, 2022
By Rahul Dhuri
MUMBAI – Natural rubber prices rose in the key markets of Kerala due to improved demand from domestic stockists after the recent fall in prices. Concerns about supply further supported rubber prices, traders said.
* Improved demand from tyre makers further supported the sentiment. Supply concerns persist as rains in key producing regions have affected tapping activity, said Joy Alencherry, owner of J&J Trade Links based in Kerala.
* Gains in the global market further supported the uptrend in the domestic market. Futures contracts of natural rubber on Japan's Osaka Exchange rose today due to value buying by investors after the recent fall in prices, analysts said.
* However, weakness in crude oil prices, coupled with concerns over bulk demand for rubber, capped any sharp gains in prices. Natural rubber prices take cues from movement in crude oil as the latter is used to manufacture synthetic rubber.
* Further, COVID-19 cases continued to climb in China, weighing on the demand for rubber. China is the world's top consumer of natural rubber.
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 for 177-178 rupees per kg, up 1 rupee from the previous day.
--The most active December contract on Osaka Exchange was up 0.9 yen at 248.5 yen (144.30 rupees) per kg.
End
Edited by Maheswaran Parameswaran
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