Published on 22nd March, 2010 13:11:00
India Rubber futures are trading higher on Monday's early trading session on strong demand against lower availability of the natural rubber.
The supply situation is very tight. We have entered into the lean season and supplies will fall further in coming weeks. Usually rubber tapping slows down in summer season in India.
In 2009/10, output in the world's fourth biggest producer is expected to drop 4 percent to 830,000 tonnes from 864,500 tonnes a year ago. Tyre makers consume about 60 percent of total rubber output.
In today's early moves, NMCE benchmark April Rubber traded in the range of Rs 15834- Rs 15730 against the last close of Rs 15739 per 100 kg. The counter now quotes at Rs 15750, up Rs 11 from last close.
Global markets moved in mixed tone. Global benchmark Tokyo Commodity Exchange (TOCOM) closed today. Malaysian Spot Rubber quotes down 15 paisa at Rs 140.82 per 1 kg in the first session. Shanghai futures commodity exchange September Rubber futures are now trading at Rs 158.45, up 0.18 a kg.
In the domestic markets Kottayam and Kochi, Rubber RSS-4 quotes at Rs 154-154.50 a kg against 152-153 a kg on last day, as per the market sources.
(bloombergutv.com)
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