Mixed trend in spot rubber prices

Print this page Posted on : 11-16-2007 by recycleinme.com

Another sharp decline in Japanese futures kept the domestic prices under pressure on Thursday. The December futures for RSS 3 fell by 8 yen to 266.3 yen (Rs.93.91) from, 274.3 Yen a kg at TOCOM.

The trendsetter hit the lower circuit in all its distant contracts followed by heavy bull liquidation. Meanwhile, RSS 3 spot closed at Rs.98.62 against Rs.98.79 a kg at Bangkok.

The domestic spot rubber was in a mixed trend. RSS 4 finished flat at Rs.97 a kg at Kottayam, while the grade added 50 paise to reach the same level at Kochi. RSS 5 and ISNR 20 firmed up on covering purchases, while ungraded rubber slipped on buyer resistance.

According to observes, supply concerns held the market at the prevailing levels. Practically there was no rubber in the main marketing centres, they said.

The rubber futures ruled weak quoting the December contract for RSS 4 at Rs.97.40 from Rs.98.45 a kg on MCX. The November contract for the grade moved down to Rs.95.30 (97.11), December to Rs.97.30 (Rs.98.86), January to Rs.98.92 (Rs.100.77) and February to Rs.100.30 (Rs.102.05) per kg on NMCE. The per kg physical rubber prices were RSS 4 Rs.97 (Rs.97); RSS-5 : Rs.95 (94); ungraded Rs.90 (Rs.90.50) ISNR 20 : Rs.93.50 (Rs.93) and latex 60% Rs.64 (Rs.64).

Source : Business Line