Spot rubber declines on global trend
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Physical rubber prices declined on Thursday. According to sources, the market was hit by further declines in the global rubber futures and moderate selling from dealers and growers. RSS 4 weakened to Rs 82.50 from Rs 84 a kg as major manufacturers kept their quotes even below at Rs 82 a kg during the session.
Futures weak
Rubber futures on the Tokyo Commodity Exchange remained sharply lower amidst declines in oil and precious metals futures. The futures were weighed down by heavy long liquidation at the opening. Sentiments continued to be bearish and the most distant April contract went below ¥170 on early trades, but recovered later towards the morning close, attracting fresh buying and short covering at lower levels. But selling became dominant again during the afternoon. The November contract for RSS 3 nosedived to ¥162 (Rs 82.47) from ¥172.6, December to ¥161 (172.4), January to ¥164.9 (174.5), February to ¥166.2 (175.6), March to ¥169 (179) and April to ¥171.3 (181.4) a kg at TOCOM. Meanwhile RSS 3 spot improved to Rs 89.59 (Rs 88.55) a kg at Bangkok.
Spot rates were (Rs/kg): RSS-4: 82.50 (84); RSS-5: 79.50 (80); ungraded: 75.75 (78); ISNR 20: 80 (81) and latex 60 per cent: 57.50 (58).
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Source : Business Line |
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