Spot rubber prices drop on resistance

Print this page Posted on : 07-02-2009 by recycleinme.com

Physical rubber prices were weak on Wednesday. The market declined on buyer resistance lacking quantity buyers from the tyre sector.

According to market circles, major manufacturers were comfortable with imports and hence were not interested to buy from the domestic markets. Sheet rubber declined to Rs 98from Rs 99.50 a kg, failing to break the Rs 100-mark once again, while the trend was mixed amidst narrow volumes.

Futures weaken

The July futures for RSS 4 moved down to Rs 96.75 (Rs 97.52), August Rs 93.75 (Rs 94.18), September Rs 91(Rs 91.47) and October Rs 89.50 (Rs 90.80) a kg on National Multi Commodity Exchange (NMCE).

The July futures for RSS 3 weakened to ?155.6 (?156.4) (Rs 77.00), August to ?155.1 (?156.6), September to ?154.8 (?157.7), October to ?155.1 (?158.0), November to ?156.7 (?159.9) and December to ?158.6 (?162.2) a kg during the day session on TOCOM. The grade closed at ?155.3 (Rs 76.87), ?155.6, ?155.3, ?156.6, ?158.5 and ?160.5 a kg consecutively on late trades

RSS 3 closed weak at Rs 80.13 (Rs 80.51) a kg at Bangkok. The grade slipped to Rs 80.17 (Rs 80.83) a kg on Singapore Commodity Exchange (SICOM).

Spot rubber rates were (Rs/kg) RSS-4: 98 (99.50); RSS-5: 96 (97.50); ungraded: 93(94), ISNR 20: 90.50 (90.50) and latex 60 per cent: 88(88

Source : Business Line