MUMBAI, May 17 (Reuters) - Indian rubber prices are likely to remain steady in low-volume trade this week as weak arrivals in the physical market are offsetting tepid demand from tyre-makers, analysts and traders said on Monday.
"Arrivals were very low for past 6-8 days and demand was also weak. This week prices may rise or fall by 1 or 2 rupees, but major upside or downside is unlikely," said V.N. Viswamohan Prabhu, a spot trader based in Kochi in southern Kerala state.
At 4:33 p.m., the benchmark June contract NMRUM0 on the National Multi-Commodity Exchange (NMCE) was up 2.4 percent at 15,650 rupees per 100 kg.
Spot price of the most traded RSS-4 rubber (ribbed smoked sheet) was steady at 15,400 rupees per 100 kg in Kottayam, Kerala, Rubber Board data showed.
India's rubber production is likely to rise 7.5 percent to 893,000 tonnes in 2010/11 helping reduce costlier imports, a senior Rubber Board official said last month.
Tokyo rubber futures fell to a five-month low on Monday as drops in oil prices spurred stop-loss selling, while the possible cancellation of production-curbing measures by top producing countries also weighed on the market.
(Reporting by Rajendra Jadhav; Editing by Sunil Nair)
(in.reuters.com)
No comments:
Post a Comment