Comments
The ICEX rubber futures continued to rule weak on Thursday. The commodity recovered sharply on early trades, reacting closely to the reports from the US about the encouraging results of Gilead’s anti-Corona drug trials.
The front May contract witnessed reduction in open interest by five lots during early trades when it hit an intraday high of ₹114.63 a kg but pared entire gains in the middle of the session as long positions were rolled over to June contracts.
“ May rubber is likely to remain under pressure, while support is seen at ₹11,200 and resistance around ₹11,480 ”, said Kunal Shah, research head of commodities, Nirmal Bang.
May futures slid to ₹112.58 (113.07) and June to ₹110.46 (110.91) per kg on the Indian Commodity Exchange (ICEX). The near month May contracts were down by 0.43 per cent with a volume of 109 lots and total trade value of 123.50 Lakhs.
RSS 3 weakened at its May futures to ₹99.27 (99.50), June to ₹99.34 (100.70) and July to ₹102.37 (103.34) per kg on the Tokyo Commodity Exchange (TOCOM). RSS 3 (spot) improved a tad to ₹104.83 (104.23) per kg at Bangkok.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.