(Repeats story issued late on Wednesday)
MUMBAI, May 7 (Reuters) - Indian rubber futures hit contract highs in early trade on Wednesday on rising crude prices, but fell later on profit-taking, analysts said.
The June contract touched a new high of 12,040 rupees in intraday trade, while May hit a contract high of 12,299 rupees.
Oil held firm on Wednesday, within sight of a record high above $122 a barrel hit the previous day, as investors awaited weekly U.S. fuel stocks data. See[ID:nSP317046]
“Rubber prices have got strength from record crude oil prices,” said an analyst with Ventura Commodities Pvt Ltd.
Natural rubber prices often benefit from high crude prices because investors believe expensive oil will encourage a shift from synthetic rubber, a petroleum product.
Following are the closing prices of rubber futures in rupees per 100 kg on the National Multi-Commodity Exchange <0#NMRU:>:
Contract Reuters code Price Change in %
May NMRUK8 11,990 -0.86
June NMRUM8 11,729 -1.19 (Reporting by Rajendra Jadhav & Sourav Mishra; editing by Sunil Nair)
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