India Rubber:ICEX up on supply worries, tracking early gains on TOCOM

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India Rubber:ICEX up on supply worries, tracking early gains on

Thursday, Dec 5

 

By Kavita Desai

 

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MUMBAI – rubber futures on the Indian Commodity Exchange ended over 1% higher today due to supply concerns and tracking gains on Commodity Exchange during the day, said analysts.

 

However, the upside in domestic prices was capped after the key rubber contracts ended down in the night session on the Japanese exchange.

 

The January on the ICEX ended 1.7% higher to 13,535 rupees per 100 kg. In Kerala, the widely-traded RSS-4 variety was at 129-130 rupees per kg, unchanged from the previous close.

 

Slowdown in tapping activity due to absence of strong buying from the affected the daily supply in the spot markets of Kerala, said Joy Manjaly, a trader of Thrissur-based J.B. Rubbers.

 

Rubber futures on TOCOM traded up over 1% in the early session on news that is mulling a reduction in its rubber plantation by 20% over the next 20 years, said analysts.

 

This news had also pushed rubber prices higher on the Shanghai Futures Exchange. Today, the benchmark January contract on the Chinese bourse rose sharply by 3.5%.

 

However, the May rubber contract on TOCOM ended marginally lower by 0.3% at 197.5 yen (around 129.30 rupees) a kg.

 

In , the of the SMR-20 variety rose by $2 at $143.9 per 100 kg today, Rubber Board data showed.

 

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:

 

 

KOCHI

GRADE

PRICE

CHANGE

PRICE

CHANGE

RSS-4

130.50

Unch

130.50

Unch

RSS-5

127.00

Unch

127.00

Unch

ISNR-20

119.50

Unch

NA

     NA

Latex

90.90

1.10

NA

     NA

 

End

 

US$1 = 71.28 rupees

 

Edited by Aditya Sakorkar

 

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