Spot rubber prices ease as buyers stay away

Print this page Posted on : 10-22-2009 by recycleinme.com

Kottayam, Oct. 21

Physical rubber prices declined on Wednesday. The market fell as major consuming industries continued to stay back, putting immense pressure on traders.

A weak trend in the domestic futures on the National Multi Commodity Exchange (NMCE) hammered the sentiments further and sheet rubber fell to Rs 110 from Rs 112 a kg amid weak volumes. The market remained under pressure owing to profit-booking at higher levels during the late trading hours, sources confirmed.

Futures weaken

RSS 4 weakened with November futures slipping to Rs 110.83 (112.07), December to Rs 112.25 (113.23), January to Rs 114.28 (115.18) and February to Rs 116.00 (116.86) a kg on the NMCE.

The October futures for RSS 3 closed at ¥230.0 (¥225 ) (Rs 117.64), November at ¥227.5 (¥227.0), December at ¥228.0 (¥228.3), January at ¥227.7 (¥227.2), February at ¥225.9 (¥226.0) and March at ¥225.4 (¥226.2) a kg during the day session on Tokyo Commodity Exchange.

The November futures closed at ¥227.5, December at ¥226.3, January at ¥226.0, February at ¥225.1 and March at ¥225.0 a kg while the October futures remained inactive during the night session.

RSS 3 slipped to Rs 112.34 (112.37) a kg on Singapore Commodity Exchange. The grade (spot) improved to Rs 111.15 (110.73) a kg at Bangkok.

Spot rubber rates (Rs a kg) were: RSS-4 110 (112); RSS-5 106 (107.50); ungraded 101 (103); ISNR 20 98.50 (99.50) and latex 60 per cent 74 (74).

Source : Business Line