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India rubber futures rise on firm overseas markets

India rubber futures rise on firm overseas markets
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First Published: Tue, Nov 06 2007. 04 08 PM IST
Updated: Tue, Nov 06 2007. 04 08 PM IST
By Reuters
Mumbai: Indian rubber futures rose on 6 November tracking firm overseas markets and higher crude oil prices, analysts said.
Rains in major rubber growing areas in Kerala during the peak tapping season also helped the market to move higher, they said. “The Tokyo market is firm, oil prices are rising...all these factors are boosting the sentiment,” said Alex Mathews, an analyst with Geojit Financial Services Ltd.
Tokyo rubber futures ended higher on 6 November due to firm prices of oil and other commodities.
Rubber prices often benefit from high crude oil prices because investors believe expensive oil will encourage a shift to natural rubber from synthetic rubber, a petroleum product.
“It’s raining since morning and it is hurting the tapping,” said Biju John, a Kottayam-based trader. The peak tapping season starts in October through to January.
The December contract would face resistance at Rs10,200 and get support at Rs9,850, said an analyst with Karvy Comtrade Ltd.
Following are the prices of rubber futures in rupees per 100 kg on the National Multi-Commodity Exchange at 3:45 p.m:
Contract Reuters code Price Change in %
Nov <NMRUX7> 10,024 0.8
Dec <NMRUZ7> 10,065 0.9
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First Published: Tue, Nov 06 2007. 04 08 PM IST