Rubber holds steady as global prices crash
KOCHI: Local natural rubber (NR) prices are holding firm due to a decline in tapping in Indian plantations despite international prices slumping 9% over the course of this month.
On Tuesday, international NR prices stood at Rs 153.19 per kg, Rs 6 more than the Indian rates. “Appreciation of the yen has led to a crash in futures prices in Tokyo and Shanghai. Lower crude oil prices have aided the sentiment," said CP Krishnan, wholetime director, Geofin Comtrade.
International NR prices which were over Rs 40 per kg higher than Indian prices on February 1, have crashed in the last few weeks. Global NR prices went above Indian prices since last November due to rise in Chinese demand, slack in production in the largest producer, Thailand, and rise in crude oil prices.
The tapping se ason in India has extended well in to March due to the summer showers. As rains thinned, humidity increased and tapping has stop ped in most plan tations. “Those who started tap ping by Decem ping by December, particularly growers in the Malabar are still active,“ said George Valy, president of Indian Rubber Dealers Federation.
On Tuesday, international NR prices stood at Rs 153.19 per kg, Rs 6 more than the Indian rates. “Appreciation of the yen has led to a crash in futures prices in Tokyo and Shanghai. Lower crude oil prices have aided the sentiment," said CP Krishnan, wholetime director, Geofin Comtrade.
International NR prices which were over Rs 40 per kg higher than Indian prices on February 1, have crashed in the last few weeks. Global NR prices went above Indian prices since last November due to rise in Chinese demand, slack in production in the largest producer, Thailand, and rise in crude oil prices.
The tapping se ason in India has extended well in to March due to the summer showers. As rains thinned, humidity increased and tapping has stop ped in most plan tations. “Those who started tap ping by Decem ping by December, particularly growers in the Malabar are still active,“ said George Valy, president of Indian Rubber Dealers Federation.
