Monday, Jul 6. MUMBAI – Following are highlights from trading in rubber market today:
–The July contract on the Indian Commodity Exchange ended 1% lower at 12,181 rupees per 100 kg.
–On Tokyo Commodity Exchange, the December contract closed at 156.8 yen (about 108.88 rupees) per kg, up 0.7% from the previous close.
–In spot markets of Kerala, the widely traded RSS-4 variety was quoted at 121 rupees per kg, up 1 rupee from the previous close, Rubber Board data showed.
* Rubber contracts on ICEX ended in the red today due to tepid demand from bulk buyers and tyre makers. However, concerns about supply in the market prevented a sharp fall in rubber prices, said Raju Varghese, the owner of Polachirayil Traders based in Kottayam, Kerala.
* There are concerns over supply in the market as rubber tapping has come to a halt in key growing areas of Kerala, the largest grower, Varghese added.
* A rise in benchmark rubber contracts on TOCOM cushioned the fall on the domestic bourse. Rubber contracts on TOCOM ended higher today due to expectations of a revival in demand, said analysts.
* After a fall in the first half of the year, the Association of Natural Rubber Producing Countries sees global consumption rising 1.4% on year in Jul-Sep. This is because "the consumption sector of NR (natural rubber) has almost returned to normal, with the exception of a few countries", the association said in its report for June.
Source Cogencis