Rubber is poised for gain as data showed U.S.
consumer confidence climbed in May to 76.2, the strongest since February 2008. The
yen weakened to 102.53 per dollar and boosting the appeal of futures in yen. The
contract for delivery in November on the Tokyo Commodity Exchange climbed to as
high as ¥274.8 a kg. The data added to optimism that the U.S economy is
improving and the yen’s weakening trend against the dollar will remain intact.
Today, RSS4 grade closed at `.169.50
a kg at Kottayam. The price of Malaysian SMR20 closed at `.135.34
a kg. While on the National Multi Commodity Exchange June futures were trading
at `.166, July at `.164.51, August at `.163.25,
September at `.162.73 and October at `.163.50 a kg. On the
Tokyo Commodity Exchange, June futures series closed in negative at ¥257, July
at ¥257.7, August at ¥259.8, September at ¥262.4, October at ¥265 and the
contract for delivery in November closed at ¥267.4 a kg. Most probably tomorrow
the market will be in red in the initial stage.
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