The ICEX rubber futures finished in green on May 11. According to analysts, the June contracts were up in a cautious trade expecting delivery marking in May contracts that expire on next Friday, However, the May contract shed 3 lots in open interest indicating short covering as it entered the delivery week.
“The June rubber has major resistances at ₹11,600 and ₹11,800 levels while ₹11,200 will be a strong support for the next couple of sessions”, said Kunal. Shah, Research Head of Commodities, Nirmal Bang.
The May futures firmed up to ₹113.93 (112.90) and June to ₹114.22 (113.69) per kg on the Indian Commodity Exchange (ICEX). The May contracts were up by 0.91% with a volume of 16 lots and total trade value of 18.28 Lakhs.
RSS 3 (spot) inched up ₹104.23 (104.04) per kg at Bangkok. .Its May futures slid to ₹ 99.72 (100.15), June to ₹101.69 (102.29) and July to ₹104.25 (105.10) per kg on the Tokyo Commodity Exchange (TOCOM).
