The ICEX rubber futures recovered marginally on Tuesday. The commodity extended losses during early trades but regained strength soon on short covering and fresh buying at lower levels. “However, there was no conviction in recovery as near-term demand outlook remains grim due to lockdown, which may get extended in some states amid rising spread of Covid-19 infections,” analysts said.
“There is some optimism on demand following the reports on partial reopening of hand glove and some tyre units, but the overall fundamentals remain bearish for rubber”, said Anu Pai, Analyst, Geojit.
RSS 4 improved at its May futures to ₹116.34 (114.44) per kg on the Indian Commodity Exchange (ICEX). The contracts were up by 1.66 per cent with a volume of 99 lots and total trade value of ₹113.76 lakh.RSS 3 (spot) declined to ₹105.19 (105.66) per kg at Bangkok. Its May futures slid to ₹99.67 (99.69), June to ₹100.88 (101.11) and July to ₹103.46 (103.68) per kg on the Tokyo Commodity Exchange (TOCOM).
