MUMBAI – Rubber contracts ended higher on the Indian Commodity Exchange today on expectation of a pickup in demand from tyre makers.
The most-active May contract ended at 0.9% higher at 11,393 rupees per 100 kg.
Reports said CEAT had resumed partial operations at its units in Nagpur and Nashik. Other companies may also resume operations later this month.
A rise in benchmark rubber contracts on the Tokyo Commodity Exchange also supported contracts on the domestic bourse, said Raju Varghese, owner of Polachirayil Traders based in Kottayam, Kerala.
Futures contracts of rubber on TOCOM ended higher today, in line with the Japanese stock market that rose over 1%. The most-active October rubber contract on the Japanese bourse ended up 0.2% at 152.8 yen (about 107.89 rupees) per kg.
Price of the RSS-3 variety in Thailand rose 71 cents to $138.20 per 100 kg, Rubber Board data showed. However, in Malaysia, price of the SMR-20 variety was at $109.70 per 100 kg, down 95 cents.
However, the nationwide lockdown till May 17 capped the gains on ICEX. Trade in key markets of Kerala has been shutdue to the lockdown.
Source Cogencis