India Rubber: ICEX hits 4-mo high on spot cues; TOCOM fall caps gains | DZHI - DZH International 

India Rubber: ICEX hits 4-mo high on spot cues; TOCOM fall caps gains

  • i2Matrix
  • 11 December 2019
MUMBAI – The most-active January contract of rubber on Indian Commodity Exchange hit a four-month-high of 13,699 rupees per 100 kg, tracking gains in spot markets of Kerala, traders said. The contract ended at 13,655 rupees per 100 kg, up 0.6% from the previous level. 
Prices of natural rubber rose in Kerala today as demand from local stockists improved, and on expectation of lower domestic output, said Raju Varghese, the owner of Polachirayil Traders based in Kottayam. 
The Rubber Board has cut its estimate for rubber output in 2019-20 to 730,000 tn from 750,000 tn. 
Rubber is likely to trade at 134-135 rupees per kg in the coming week. Contracts of rubber on Indian Commodity Exchange are likely to rise tracking gains in spot markets of Kerala, said C.J. Augustine, the owner of Chettiparambil Traders in Idukki. 
In the markets of Kochi and Kottayam, the widely-traded RSS-4 variety was sold at 130-131 rupees per kg, up 1 rupee from the previous day. Prices of rubber have risen 2-3 rupees per kg on week. 
As per Rubber Board data, the price of the commodity was at 132.00 rupees per kg in Kochi as well as in Kottayam, up 1 rupee in both the markets.  
However, a fall in benchmark rubber contract on Tokyo Commodity Exchange capped sharp gains on the domestic bourse, analysts said. 
Rubber contracts on TOCOM ended in red tracking crude oil contracts on New York Mercantile Exchange. Prices of natural rubber take cues from those of crude oil as the latter is used to make synthetic rubber. 
The most-active May contract of natural rubber on the Japanese bourse ended at 197.9 yen (about 129.3 rupees) per kg, down 0.3% from the previous close. 
In Malaysia, the price of the SMR-20 variety fell by 30 cents to $148.70 per 100 kg, Rubber Board data showed. 
US$1 = 70.92 rupees 
  -- The Hindu 
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