Rubber approaches 52-week peak amid Kerala lockdown; analysts see 6% upside in a month
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Analysts remain upbeat on rubber from a short- to medium-term perspective thanks to positive price trends, but caution traders that some profit taking cannot be ruled out.
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India is the world’s second biggest consumer of natural rubber, behind China, and the sixth largest producer.
Prices of rubber, an industrial commodity, jumped more than 1 per cent in thin trade on Monday, supported by its rise in the international markets and tight supplies back home.
MCX rubber futures due for delivery on May 31 traded Rs 194, or 1.13 per cent, higher at Rs 17,374 per tonne, having risen to as high as Rs 17,450 earlier on Monday. The price came within a Rs 100 distance of a 52-week high registered last week.