India Rubber: Down on ICEX tracking mkts in Kerala, trend on TOCOM

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By Rahul Dhuri

– Rubber futures contracts were down on the Indian Commodity Exchange today, tracking key spot markets in Kerala. The most-active July contract ended at 14,880 rupees per 100 kg, down 0.4% from Wednesday.

were down in the key markets of Kerala because arrivals are expected to rise in the coming days as tapping has commenced in key growing regions of the state, traders said.

The widely traded RSS-4 variety was sold at 150-152 rupees per kg in Kochi and Kottayam, down 1-2 rupees from the previous close. However, Rubber Board data showed that the RSS-4 variety was at 150.50 rupees per kg, down 0.50 rupee in both the markets.

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However, demand from makers and the current supply crunch in the market prevented a sharp fall in prices, said Thaha Mohamed, owner of Sara Traders based in Kottayam.

Fall in benchmark rubber contracts on the Commodity Exchange also weighed on contracts on ICEX, analysts said.

Rubber futures on TOCOM were down in line with contracts on New York Mercantile Exchange.

The most active December natural rubber contract on the Japanese bourse ended at a three-month low of 181.3 yen (around 115.28 rupees) per kg, down 0.7% from the previous close.

In Thailand, the price of the RSS-3 variety fell $2.07 to $194.60 per 100 kg, according to Rubber Board data. In , the price of the -20 variety fell by $2.45 to $145.20 per 100 kg.

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

150.50

(-)0.50

150.50

(-)0.50

RSS-5

148.50

Unch

148.50

Unch

-20

127.00

Unch

NA

     NA

Latex

96.15

Unch

NA

     NA

OUTLOOK

Rubber contracts on ICEX are unlikely to rise sharply tracking contracts on TOCOM, as gains on the Japanese bourse are likely to be capped in line with the crude oil contracts on NYMEX, analysts said.  End

US$1 = 68.49 rupees

Edited by Ashish Shirke

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