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The domestic rubber futures explored further lows on Thursday. RSS-4 declined at its May contracts to ₹108.73 (110.18) and June to ₹108.52 (111.52) per kg on the Indian Commodity Exchange (ICEX).
The near month May contracts were down by 1.32 per cent with a volume of 287 lots and a total trade value of ₹311.12 lakh.
“The benchmark May contract is expected to fall towards ₹10,800 and then to ₹10,600 during the rest of the week,” said Akshay Agarwal, MD, Acumen Capital. “₹11,200 will remain as the immediate resistance for the contract.”
RSS-3 weakened at its April futures to ₹100.55 (102.29), May to ₹101.69 (102.57) and June to ₹103.04 (104.64) a kg on the Tokyo Commodity Exchange . RSS-3 (spot) improved to ₹104.32 (103.91) at Bangkok.
According to analysts, the price of RSS-4 at Kottayam is influenced by a host of domestic factors, besides the global trends. India imports around 40 per cent of NR to meet its domestic demand. The Customs duty levied at the rate of 25 per cent+ helps the domestic market to rule higher than the comparable overseas markets.
Spot rubber prices were not available since March 24 following the nation-wide lockdown to prevent the further spread of Covid 19.
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