Spot rubber declines further

Print this page Posted on : 09-01-2010 by recycleinme.com

Kottayam, Aug 31

Domestic rubber prices weakened further on Tuesday. In the spot market, prices fell following the declines in the domestic and international rubber futures. The sentiments were further affected by the expectations on an improvement in local supplies due to favourable change in weather.

Sheet rubber surrendered to Rs 165 from Rs 167 a kg on buyer resistance. According to dealers, there has been no selling pressure in the main marketing centres and the volumes were dull. The Rubber Board's rate moved down to Rs 167 (170) a kg for RSS 4 in their official website.

In futures, the September series weakened to Rs 166.29 (168.17), October to Rs 163.16 (164.17), November to Rs 162.50 (163.56) and December to Rs 163.36 (164.31) a kg for RSS 4 on the National Multi Commodity Exchange. The volumes totalled 4,958 lots and turnover Rs 82.31 crore. The open interest in all series was 4,508 lots.

RSS 3 declined at its September futures to ¥310.4/Rs 172.80 (¥319.7) a kg during the day session and then to ¥309.6 (Rs 172.40) during the night session on the Tokyo Commodity Exchange. RSS 3 (spot) slipped to Rs 160.37 (160.96) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 165 (167); RSS-5: 161 (162.50); ungraded: 155 (156); ISNR 20: 149 (150) and latex 60 per cent: 113 (114).

Source : Business Line