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Monday, June 5, 2023

NMCE Natural Rubber hit record high as Rupee plunges

MUMBAI (Commodity Online): Rubber prices at India’s National Multi Commodity Exchange (NMCE) hit record high on rise in demand. Rubber for July delivery is now trading around Rs 17750-18025 per qtl levels.

Natural rubber was added to the agri-commodities that have come under the purview of CTT which is effective starting July 1. The commodity has gained 1.47% for the day.

On Thursday trade, July rubber rose to a high of 18025 Rs/qtl as of 12.12 P.M IST and is expected to trade positive in near term. Support is now seen at 17780, 17680 levels and resistance at 18060 & 18150, analyst said.

Indian Rupee has plummeted by 0.34% to 60.516 on account of outflows from the equity and debt markets. Additionally, dollar demand from importers prevented upside in the currency.

Steady spot markets at Kerala with moderate arrivals impacted rubber prices. Ample rainfall at rubber growing areas positively impacted rubber futures. We expect NMCE Rubber futures to trade on positive note.

Source: Commodity Online

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