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India Rubber: Ends down on ICEX as lockdown hits trade

Wednesday, Mar 25

 

By Rahul Dhuri

MUMBAI – Rubber contracts on the Indian Commodity Exchange ended in the red today as spot markets were shut due the lockdown imposed by the government, traders said.

 

The most-active April contract on the domestic bourse ended at 11,569 rupees per 100 kg, down 1.8% from the previous close.

 

Markets in Kerala, the major producer of the commodity, will remain shut as the country will be under total lockdown for 21 days, after a spike in the number of coronavirus cases.

 

The most-active April contract on the domestic bourse ended at 11,569 rupees per 100 kg, down 1.8% from the previous close.


Markets in Kerala, the major producer of the commodity, will remain shut as the country enters total lockdown for the next 21 days, after spike in cases of coronavirus.


The total number of CoVID-19 patients in the country crossed the 590-mark on Wednesday as the death toll climbed to 11.


However, a rise in benchmark rubber contracts on the Tokyo Commodity Exchange prevented a sharp fall on the domestic bourse, said Mathew Thomas, a rubber trader based in Kerala.


Rubber futures on TOCOM ended higher today tracking key contracts on Shanghai Futures Exchange and in line with the Japanese stock market, analysts said.
The most active August natural rubber contract on the Japanese bourse ended 1.5% higher at 153.2 yen (about 104.9 rupees) per kg. 


Concerns over decline in supplies from Thailand, Indonesia, and Malaysia due to smaller crop also pushed prices higher. These three countries account for around 70% of the global output.


The price of the RSS-3 variety in Thailand rose by 37 cents to $139.90 per 100 kg, data from Rubber Board showed. In Malaysia, the price of the SMR-20 variety was down $1.61 at $113.65 per 100 kg.


The overall sentiment remains bearish due to the global pandemic. The World Health Organization, in its latest situation report on COVID-19, has noted that the number of reported cases of the fatal disease around the world has now surpassed 372,000.  End


US$1 = 75.88 rupees


Edited by Maheswaran Parameswaran


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