India Rubber:Ends higher on ICEX on expectation of revival in demand

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By Rahul Dhuri

– Rubber futures on the Indian Commodity Exchange ended higher today due to expectations of a revival in demand from bulk buyers and makers. However, a fall in rubber contracts on the Commodity Exchange capped the gains on the domestic bourse, analysts said.

* Firm demand from domestic stockists amid concerns over in the market also supported gains on the domestic bourse. This is the lean production season and has been halted in Kerala, the largest grower in the country, said A.M. George, the owner of George Rubbers.

* On TOCOM, rubber contracts ended a tad lower due to booking. However, improved demand from the industrial sector following resumption of economic activity across the globe is seen keeping rubber contracts buoyant, analysts said. 

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* After falling in the first half of the year due to the coronavirus pandemic, global rubber consumption is seen rising 1.4% on year in Jul-Sep. Demand from China, the largest consumer, is expected to increase 0.8% in the third quarter as economic data from the country looks favourable, said Association of Producing Countries.

* Following are highlights of today’s trade:

  –August contract on ICEX ended up 1.8% at 13,331 rupees per 100 kg.

  –On TOCOM, the November contract ended down 0.2% at 155.4 yen (about 108.68 rupees) per kg.

  –In the spot markets of Kerala, the widely traded RSS-4 variety was largely unchanged at 129.00-129.50 rupees per kg, data showed.

End

US$1 = 75.02 rupees

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

Edited by Avishek Dutta

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