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

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By Kavita Desai

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

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

The January rubber contract 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.

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

This news had also pushed higher on the Shanghai Futures Exchange. Today, the benchmark January natural rubber 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 price of the -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:

KOTTAYAM 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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