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Physical Rubber prices extend gains on Tuesday

03 Jun 2020 Evaluate

Physical Rubber prices extended gains on Tuesday due to lower arrivals and short covering in the market. Rubber prices improved further on news that India may impose anti-dumping duty on imports of a certain type of rubber used in various industries. However, some gains were capped after inter-governmental organization Association of Natural Rubber Producing Countries (ANRPC) reported that India's natural rubber consumption will come down by 21% to touch 9 lakh tones during 2020, compared to the previous year. Spot prices for RSS-4 variety rose to 119/ kg compared to its previous closing of Rs 118/ kg; while the RSS-5 variety rose to 114/ kg compared to its previous closing of Rs 113/ kg.

In the futures market, June delivery fell to Rs 122.21 compared to its previous closing of Rs 122.82, while July delivery was trading at Rs 124.55 compared to its previous close of Rs 124.89 on the Indian Commodity Exchange Limited (ICEX).

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