Prices of rubber, an industrial commodity, jumped on Tuesday to the highest level in nearly a month amid supply shortage, adding to a rebound that began last week as firm demand along with positive cues in the international market boosted sentiments of market participants.
MCX rubber futures due for delivery on May 31 traded 1.52 per cent (Rs 254) higher at Rs 17,010 per tonne, having touched Rs 17,050 per tonne earlier on Tuesday – a level last seen on April 7.
Analysts said the commodity is set for higher levels ahead fundamentally on account of tight supplies, thanks to demand from industries such as automobiles and healthcare.
Buy lead futures; stop loss at ₹168
Akhil Nallamuthu
BL Research Bureau |
Updated on
May 03, 2021
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The continuous futures contract of lead on the Multi Commodity Exchange (MCX) witnessed a downwards trend during the latter part of February after marking a high of ₹181.3.
In the ensuing three weeks, the futures price dropped by 13 per cent and touched ₹157 levels. But then the bulls reacted quickly and turned around the trend up. After a brief period of consolidation, the futures have started to rally and they moved past ₹170 last week.
The price action on the daily chart looks positive and the likelihood of a rally from here is high.
Gold and silver prices soared today breaking losing streak
Breaking its five-day declining streak, MCX gold June futures on Thursday were trading higher at Rs 47,256 per 10 gram, as against the previous close of Rs 47,093. MCX silver June futures too moved up and were at Rs 69,788 per kg. Silver futures had closed at Rs 69,043 per kg in the previous session.
Gold prices broke their free fall after the US Federal Reserve decided to keep the interest rates unchanged to near zero in its meeting which ended on April 28.
Meanwhile internationally, gold prices rose on Thursday propelled by the US Federal Reserve s announcement to implement a friendly monetary policy aimed at helping economic recovery. At the same time, a weaker dollar provided further support.
Spot rubber witnesses moderate recovery
Kottayam |
Updated on
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Aravindan Spot rubber continued to rule firm catalysed by a moderate recovery in overseas markets on Thursday.
RSS4 improved to ₹165.00 (164.00) per kg according to traders and the Rubber Board. The grade firmed up to ₹160.00 (159.00) per kg as per Dealers. The trend was mixed as ISNR20 and Latex closed unchanged amid dull trades.
In futures, the near month May delivery was up 1.47 per cent from Wednesday’s settlement price to close at ₹167.90 per kg with a volume of 33 lots on the Multi Commodity Exchange (MCX).
RSS 3 (spot) improved to ₹165.61 (164.28) per kg at Bangkok. The most active natural rubber contract for September delivery was up 220 Yuan (₹2,518.72) from previous day’s settlement price to close at 14,030 Yuan (₹160,667.24) a tonne in day time trading on Shanghai Futures Exchange (ShFE).