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Rubber prices have come down from Rs 120 per kg to Rs 116 kg per kg two days after the rubber board suspended its future trading.
S Dhanania, chairman of the All India Rubber Industries Association, said that the fall in price within two days shows that futures in rubber has been responsible for the price increase in the spot market. However, Sajan Peter, chairman of the Rubber Board, had said on Thursday that the suspension of rubber futures would not affect rubber prices. The suspension was done to control the wide intra-day fluctuations, which were not conducive to the stakeholders.
Dhanania said that the board, instead of suspending the rubber futures for four months, could have entirely banned it. However, MCX officials in Mumbai feel that the fall in price has not been due to the suspension of futures but for the fall in price of rubber in the Tokyo Commodity Exchange.India shadows the price of Tokyo Commodity Exchange for rubber, officials said. Trading in rubber is very thin and participation is very low, mostly concentrated in South India and Tripura.
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