A wait-and-watch approach in natural Rubber may work as tapping season in India is in the offing and experts say that it will take a couple of days before anything concrete can be said about the markets.
Meanwhile, TOCOM rubber futures are trading a tad up with the October contract gaining the most, by 2.9 yen and being traded for 385.4 yen as on 10.22 IST(13.50 JST). Near month July contract is trading at a loss of 0.8 yen at 389.3 yen even as the far month December contract LTP is at 379.4 yen; a gain of 2.6 yen.
Oil shed its weight in New York, trimming the week’s gain. Crude dropped as much as 33 cents, or 0.3 percent, to $98.34 a barrel in electronic trading on the NYMEX, and was at $98.38 at 1:25 p.m. Sydney time. Brent crude shed 90 cents to touch $117.69; reported Bloomberg.
On the NMCE, the August contract of natural Rubber is trading in red at Rs.21750. July and September contracts are trading at Rs.21556 (High: Rs.21640, Low: Rs.21555) and Rs.21, 611 (High: Rs.21697, Low: Rs.21, 590) respectively.