Last Updated : 18 October 2012 at 11:25 IST
Natural Rubber firm on equity uptrend, Crude Oil
Source :Commodity Online Editorial Desk
Author :Rakesh Neelakandan
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KOCHI (Commodity Online): The equity markets exhibiting a firm trend on a slew of data releases, natural rubber futures on the TOCOM is witnessing an uptrend. Most active contract on the TOCOM was seen trading at 264.6 yen a kilogram a gain of 3.9 yens.
Besides, the Chinese industrial production, retail sales and fixed-asset investment accelerating in September also helped rubber futures.
In India, NMCE November contract opened at Rs.18555/ quintal, touched a high of Rs.18625 and a low of Rs.18521 in early hours of the trade. The trend appears to be firm. Crude oil price on the MCX is also witnessing a slight uptrend turning out to be positive for natural rubber.
Positive US earnings season report wherein major industry players witnessed reasonably good results and the easing of Spain's debt woes have helped market with some relaxation.
Meanwhile, India natural rubber in spot markets witnessed a steady trend on Wednesday.
RSS 4 attracted prices at the rate of Rs.185/kg even as RSS 5 fetched Rs.176/kg. Ungraded meanwhile brought in Rs.168/kg.
The trend has been steady in spot markets. There were clouds looming, but no rains.
There could be imports happening given that price difference exist between domestic and international markets; a trader said. Tyre companies were not active buyers yesterday.
