Rubber futures in the domestic futures market traded with high volatility in today's trading sessions. The benchmark August contract on NMCE fell to the session low of Rs 17920 after hitting the high of Rs 18140 per 100 kg during the early trading session. The counter is now trading lower at Rs 18021, down Rs 57 from the last close.
TOCOM Commodity Exchange Rubber ended the morning session lower with benchmark December futures ending the session lower by 1.80 Yen at 262.40 Yen a kg. Futures rebounded from the losses in the later trading sessions on some buying interest. December futures contract is currently quoting in the TOCOM commodity exchange higher by 1.60 yen at 264 yen a kg.
The ANRPC lowered its forecast of growth for global supply of natural rubber for 2010 to 5.2% from the 6.1% rate anticipated in May, according to its June monthly bulletin released recently. The ANRPC had earlier in March anticipated a 6.3% rate of growth and had even then cautioned it to be an optimistic rate and pointed out a host of constraints in its achievement.
According to government and industry sources, India's imports of natural rubber will likely rise in the current fiscal year as local production is growing at a much slower pace than demand, mainly from tire makers.
Auto sales in both the U.S. and China continued to rise in June but at a slower pace than the previous month. China's auto sales surged 30.45% year on year to 7.18 million units in the first half of the year, keeping China's position as the world's largest auto market intact. U.S. auto sales also grew in June from thedepressed level of year earlier. Light vehicle sales rose 14% to 983,738 units in June compared to the last year.
(indiainfoline.com)
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