Oil prices rose on hopes that US-Chinese
talks in Beijing would bring a halt to trade disputes between the world's
biggest economies, while OPEC led supply cuts tightened markets. International
Brent crude futures were at $57.77 per barrel, while US West Texas Intermediate
(WTI) crude oil futures were at $48.85 per barrel.
The Indian rupee plunged by 53 paise to close
at 70.21 against the US dollar amid renewed concerns over widening of current
account deficit following constant rise in global crude oil prices.
Western India’s automotive exhibition ‘Pune
Auto Expo’ will be inaugurated by Maharashtra chief minister Devendra Fadnavis
at Ganesh Kala Krida indoor stadium-Pune, on 11th January. The four-day exhibition theme scheduled during
11 - 14 January 2019 is eco-friendly transportation of smart city. There will
be two days of technical conference, business meets and industrial visits to
automobile companies in the region. Experts will share their knowledge and
deliberate on topics focusing on the technological trends and business
practices.
The International Tripartite Rubber Council,
comprising of Indonesia, Malaysia and Thailand are meeting in Bangkok on 19th
and 20th January 2019 to find ways to boost rubber demand.
Overall sentiment remains bearish due to
subdued demand from tyre manufacturers and expectations of a rise in global
rubber output. However, a spike in crude oil prices due to a cut in output by
West Asian and other producers might lend support to rubber prices.
The benchmark RSS4 grade rubber closed at `.124.50
a kg at Kottayam, while RSS3 grade closed at `.108.37 a kg at
Bangkok and Malaysian SMR20 closed at `.96.51 a kg. On ICEX,
January 2019, the futures closed at `.126.08 a kg,
February at `.128.05, March at `.130.19, April at `.125.64,
May at `.126.91 and June closed at `.128.17 a kg. Tokyo
Commodity Exchange January 2019 futures series closed at ¥181.4 a kg, February
at ¥180.2, March at ¥181.4, April at ¥181.7, May at ¥181.8 and the contract for
delivery in June 2019 closed at ¥181.6 a kg. On Wednesday, most probably Tocom
futures contract for delivery in June 2019 may trade in the range of ¥182 &
¥188 a kg.
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