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The ICEX rubber futures remained under pressure on Wednesday.
The news that the world economy is forecast to shrink 3% in 2020, erasing last years growth of 2.9% weighed heavily on the sentiments. According to reports, the market is expected to fall further in short term following the extension of lockdown and crude oversupply. Rising inventories and vanishing demand from the tyre and accessories makers continued to drag the prices down.
RSS 4 weakened at its April contracts to Rs.116.63 (117.00), May to Rs.110.18 (112.91) and June to 111.52 (113.61) per kg on the Indian Commodity Exchange (ICEX). The near month April contracts were down by 0.32% with a volume of 7 lots and total trade value of 8.16 Lakhs.
RSS 3 improved at its April futures to Rs. 102.29 (100.95), May to Rs. 102.57 (101.24) and June to Rs. 104.64 (102.44) per kg on the Tokyo Commodity Exchange (TOCOM). RSS 3 (spot) declined to Rs.103.91 (104.00) per kg at Bangkok.
The physical rubber prices were not available from 24 March following the nation-wide lockdown to prevent the further spread of Covid 19.
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