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Spot rubber regained strength tracking the sharp gains in TOCOM futures on Thursday. RSS 4 improved to Rs.130.50 (130.00) a kg as reported by the traders. The grade continued to remain unchanged at Rs.130.50 and Rs.126.50 per kg respectively according to the Rubber Board and Dealers. The trend was partially mixed as ISNR 20 finished flat amidst scattered transactions.
"Thailand's cabinet has approved a 20 year plan to slash rubber plantations by 21% nationwide and increase the value of rubber exports by more than threefold", said Ajay Kedia, Director Kedia Advisory.
Meanwhile, rubber output of the world's leading natural rubber producers Thailand, Indonesia and Malaysia is forecast to decrease by 800,000 tons in 2019. China's interest rate cuts will also boost economic growth and stimulate demand for rubber, he added. "Technically ICEX Rubber is getting support at 132.00 now and a move above the next resistance 134.20 could take prices to 135.40 in the succeeding sessions".
The December futures firmed up to Rs. 133.62 (132.44), January to Rs. 135.27 (133.16) and February to Rs 137.71 (136.63) per kg on the Indian Commodity Exchange (ICEX). .
RSS 3 flared up at its December futures to Rs. 113.73 (110.26), January to Rs. 114.91 (110.33) and February to Rs.116.67 (112.38) per kg on the Tokyo Commodity Exchange (TOCOM).
Spot rubber rates (Rs/kg) were:
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