The ICEX rubber futures finished lower on Friday. The commodity opened firm but lost the initial strength on dull demand as oil extended gains amid talks that producing nations will accelerate planned production cuts to combat the slump in demand due to the COVID-19 pandemic. A weak closing in TOCOM futures also kept the sentiments under pressure during late trading hours.
RSS 4 weakened at its May futures to ₹116.68 (116.76) and June to ₹115.47 (115.92) per kg, on the Indian Commodity Exchange (ICEX). The near month May contracts were up by 0.07 per cent with a volume of 108 lots and total trade value of ₹125.75 lakh.
“A close above ₹12,000for a couple of sessions only can take prices higher to ₹12,500-12,780early next month. In fact, this will materialise only if the economy is reopened as indicated by the Government sources,” said Kunal Shah, Research Head of Commodities, Nirmal Bang.
RSS 3 (spot) improved to ₹106.29 (105.19) at Bangkok. May futures weakened to ₹100.38 (101.24) and June to ₹101.11 (102.36) and June to ₹103.60 (104.88) on the Tokyo Commodity Exchange (TOCOM).
