India Rubber: Ends lower on ICEX on fresh selling post 2-month high

0
14

By Rahul Dhuri

MUMBAI – Rubber contracts on the Indian Exchange ended lower today due to fresh selling by investors, after prices hit a two-month-high of 12,900 rupees per 100 kg on Tuesday, traders said. The November contract ended at 12,701 rupees per 100 kg, down 1.2% from the previous close.

However, gains in benchmark rubber contracts on Tokyo Commodity Exchange prevented a sharp fall on the domestic bourse, said Mathew Thomas, owner of the Kerala-based Kallarakkal Agencies.

on TOCOM were trading marginally higher today due to concerns over , analysts said.

Article continues below Advertisement...

Global supply of rubber may take a hit as outbreak of a fungal disease in Thailand has affected output. Thailand is the world’s largest producer and exporter of rubber, and accounts for up to 40% of the global supply.

Today, the most active April contract of rubber on the Japanese bourse ended at 178.4 yen  (around 116.2 rupees) per kg, up 0.2% from the previous close.

Prices of the RSS-3 variety in Thailand rose $1.29 to $149.80 per 100 kg, data showed. The of the SMR-20 variety rose 35 cents to $136.00 per 100 kg.

Prices of natural rubber in the spot markets of Kerala were largely unchanged today. Arrivals were down, though sufficient to meet the demand from domestic stockists, said C.J. Augustine, owner of the Kerala-based Chettiparambil Traders.

The widely-traded RSS-4 variety was at 125-126 rupees per kg, unchanged from the previous day, traders said. Rubber Board data showed the price was 125.00 rupees per kg in and Kochi, unchanged in both markets.

Arrivals have declined as rains in key producing areas disrupted tapping activity, said Raju Varghese, owner of Polachirayil Traders based in Kottayam.

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-4 125.00 Unch 125.00 Unch
RSS-5 123.50 0.50 123.50 0.50
ISNR-20 115.00 0.50 NA      NA
Latex 93.00 Unch NA      NA

OUTLOOK

The overall sentiment in the remains bullish due to of higher demand from domestic stockists amid a fall in arrivals in the coming days, traders said.  End

US$1 = 70.98 rupees

Edited by Avishek Dutta

LEAVE A REPLY

Please enter your comment!
Please enter your name here