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India Rubber: Gains in spot market lift ICEX Mar rubber to 6-mo high

Friday, Feb 22

By Rahul Dhuri

MUMBAI – The most active March contract of rubber on the Indian Commodity Exchange hit a six-month high of 13,037 rupees per 100 kg, tracking gains in Kerala’s key spot markets, traders said. The contract closed at 13,028 rupees per 100 kg, up 2.3%.

Rubber price rose in Kerala due to improved demand from domestic stockists amid an ongoing supply crunch in the market.

In Kottayam and Kochi, the RSS-4 variety was sold in the range of 125-126 rupees per kg, up 1 rupee from Thursday, traders said. Data from India’s Rubber Board showed that the RSS-4 variety in Kochi and Kottayam was sold at 125 rupees a kg, unchanged in both markets. 

Gains in benchmark contracts on the Tokyo Commodity Exchange also supported contracts on ICEX. Rubber contracts on TOCOM rose, tracking gains in crude oil prices on New York Mercantile Exchange, analysts said. Rubber prices take cues from those of crude oil, as the latter is used to manufacture synthetic rubber, a substitute for natural rubber. 

The most active July contract on the Japanese bourse ended up 2.7% at 198.9 yen (127.61 rupees) per kg.

In Thailand, RSS-3 grade rubber was down 99 cents at $165.30 per 100 kg. In Malaysia, the SMR-20 grade rubber was down $1.15 at $142.80 per 100 kg, according to Rubber Board data.

Today’s closing prices of rubber, in rupees per kg in Kochi and Kottayam, as detailed by the Rubber Board, and the change in prices, in rupees, compared with the previous close are given in the following table:

KOTTAYAM

KOCHI

GRADE

PRICE

CHANGE

PRICE

CHANGE

RSS-4

125.00

Unch

125.00

Unch

RSS-5

120.00

1.00

120.00

1.00

ISNR-20

118.00

0.50

NA

     NA

Latex

82.95

Unch

NA

     NA

OUTLOOK

Prices of natural rubber in the key spot markets of Kerala are likely to extend gains in the coming days due to improved demand from domestic stockists, and an ongoing supply crunch, traders said.  End

US$1 = 71.14 rupees

Edited by Aditya Sakorkar

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