India Rubber: Up on ICEX on bargain buying but TOCOM cues cap rise
Friday, Mar 27
By Rahul Dhuri
MUMBAI – Rubber contracts on the Indian Commodity Exchange ended a tad higher today due to bargain buying after a sharp fall in prices recently, traders said. The most active April contract on the domestic bourse ended at 11,865 rupees per 100 kg, up 0.3% from the previous close.
However, a fall in benchmark rubber contract on the Tokyo Commodity Exchange capped the gains on the domestic bourse, said Biju Thomas, a rubber trader based in Kerala. On TOCOM, rubber futures ended in the red due to concerns over demand in view of the spread of coronavirus. Globally, 500,000 cases of infections, and over 20,000 deaths have been reported so far due to COVID-19.
The most active August natural rubber contract on the Japanese bourse ended 1.3% lower at 149.6 yen (about 103.03 rupees) per kg.
The overall sentiment in the rubber market remains bearish as trade in spot markets of Kerala has been hit as the country is under a lockdown till Apr 14 due to the rapid spread of coronavirus. In India, over 700 cases of the infections have been reported with 17 deaths, ministry data showed. End
US$1 = 74.86 rupees
Edited by Avishek Dutta
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