India Rubber: Settles down on ICEX tailing mkts in Kerala; TOCOM up

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By Rahul Dhuri

MUMBAI – Rubber futures on Indian Commodity Exchange ended down today, tailing a fall in price of natural rubber in key spot markets of Kerala, traders said. The most-active June contract on ICEX ended at 14,505 rupees per 100 kg, down 0.9% from the previous close.

Prices of natural rubber in the key spot markets of Kerala fell today due to limited demand from stockists amid a recent surge in prices, traders said.

However, an ongoing supply crunch in the market and rising demand from prevented a sharp fall in prices, said Mathew Thomas, owner of the Ernakulam-based Kallarakkal Agencies.

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In Kochi and Kottayam, the widely traded -4 variety of rubber was sold at 142-144 rupees per kg, down 1-2 rupees from Wednesday, traders said. However, Rubber Board data showed that the -4 variety was unchanged at 144 rupees per kg, in both the markets.

In the overseas market, the November contract of rubber on Commodity Exchange hit a two-month high of 196.6 yen (125.24 rupees) per kg in the early trade, tracking benchmark contracts on the , and in line with crude oil contracts on , analysts said. 

Prices also received a boost as data released by the American Petroleum Institute showed US crude oil inventories fell by 5.3 mln barrels to 474.4 mln bbl in the week ended Friday.

The most active November natural rubber contract on the Japanese bourse ended at 194.5 yen per kg, up 0.2% from the previous close.

In price of the RSS-3 variety rose by $1.02 to $187.85 per 100 kg. However, in , the SMR-20 variety fell $1.59 to $152.90 per 100 kg, according to Rubber Board data.

The following table shows today’s closing prices of rubber, in rupees per kg, as detailed by the Rubber Board, and the change in prices, in rupees, compared with the previous close:

KOTTAYAM

KOCHI

GRADE

PRICE

CHANGE

PRICE

CHANGE

RSS-4

144.00

Unch

144.00

Unch

RSS-5

142.00

Unch

142.00

Unch

ISNR-20

131.00

Unch

NA

     NA

Latex

97.20

Unch

NA

     NA

OUTLOOK

In the coming days, the price of natural rubber in key markets of Kerala is likely to rise due to robust demand from stockists amid the ongoing supply crunch in the market, traders said.  End

US$1 = 69.87 rupees

Edited by Arshad Hussain

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