India Rubber: Hits 2-mo high on ICEX tracking spot mkts; TOCOM down

0
24

By Rahul Dhuri

MUMBAI – The most active December contract of rubber on the Indian Commodity Exchange hit a two-month high of 13,075 rupees per 100 kg, tracking in the key markets of Kerala, traders said. The contract ended at 13,046 rupees per 100 kg, up 0.9% from the previous close.

in Kerala’s spot markets rose today due to improved demand from domestic stockists amid a fall in arrivals. Arrivals have declined as recent rains in key producing areas of the state disrupted tapping activity, said Joy Alencherry, owner of the Kottayam-based Maria Rubber Links.

The widely-traded -4 variety was at 126-128 rupees per kg, up 1-2 rupees, traders said. Rubber Board data showed the price unchanged at 126.50 rupees per kg in Kottayam and Kochi.

Article continues below Advertisement...

However, a fall in the benchmark rubber contracts on the Tokyo Commodity Exchange prevented prices from rising sharply on the domestic bourse, said Biju Thomas, a rubber trader based in Kerala.

Rubber contracts on TOCOM were down today tracking a fall in contracts on the . Prices of natural rubber take cues from those of crude , as the latter is used to make synthetic rubber.

The most active April contract of natural rubber on the Japanese bourse was at 178.1 yen (around 116.89 rupees) per kg, down 0.2% from the previous close.

Prices of the RSS-3 variety in Thailand fell $1.17 to $149.00 per 100 kg today, Rubber Board data showed. However, in Malaysia, the SMR-20 variety was sold 25 cents higher at $135.75 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

126.50

Unch

126.50

Unch

RSS-5

124.50

0.50

124.50

0.50

ISNR-20

116.00

1.00

NA

     NA

Latex

91.40

(-) 1.05

NA

     NA

The ongoing crunch in the market and rising demand from domestic stockists is seen supporting natural rubber prices in the coming days. However, tepid demand from makers is seen capping gains in prices, traders said.  End

US$1 = 71.46 rupees

Edited by Aditya Sakorkar

LEAVE A REPLY

Please enter your comment!
Please enter your name here