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Physical Rubber prices extend gains on Wednesday

04 Jun 2020 Evaluate

Physical Rubber prices extended gains on Wednesday due to short covering and fresh buying in the market. Besides, lower arrivals in the market too supported rubber prices. Though, 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 120/ kg compared to its previous closing of Rs 119/ kg; while the RSS-5 variety rose to 115/ kg compared to its previous closing of Rs 114/ kg.

In the futures market, June delivery fell to Rs 119 compared to its previous closing of Rs 120.67, while July delivery was trading at Rs 122.50 compared to its previous close of Rs 122.79 on the Indian Commodity Exchange Limited (ICEX).

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