India Rubber: Ends up on ICEX on TOCOM cues, gains in spot markets

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By Rahul Dhuri

MUMBAI – futures on the Indian Commodity Exchange ended higher today, tracking gains in contracts on Tokyo Commodity Exchange and a rise in prices in the key markets of Kerala, analysts said.

* Rubber contracts on rose slightly today as demand from the industrial sector improved following resumption of activity across the globe, analysts said. Strength in contracts on Shanghai Futures Exchange also supported contracts on TOCOM.

* Prices of natural rubber in Kerala rose today due to firm demand from domestic stockists, as well as expectations of a revival in demand from bulk buyers and tyre makers, said Kurian Abraham, a rubber trader based in Kerala.

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* Concerns over supply in the market also supported prices. This is the lean production season and supply concerns persist as tapping has been halted in Kerala, the largest grower of rubber in India, said Mathew Thomas, owner of Kallarakkal Agencies based in Kerala.

* Following are highlights of today’s :

  –August contract on ICEX ended 0.9% up at 13,116 rupees per 100 kg.

  –On TOCOM, the November contract ended up 0.2% at 156.5 yen (about 110.02 rupees) per kg.

  –In spot markets of Kerala, the widely traded RSS-4 variety was quoted 128.50-129.00 rupees per kg, up 0.50-1 rupee from the previous close, data showed.

End

US$1 = 75.15 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

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