Spot rubber nosedives on bearish sentiments

Print this page Posted on : 09-02-2010 by recycleinme.com

Kottayam, Sept 1

Physical rubber prices declined sharply on Wednesday. The sentiments were extremely bearish and the market fell in tune with the losses on the National Multi Commodity Exchange (NMCE). Possibilities of an improvement in domestic supplies succeeding a positive change in weather also kept the market under pressure during the day.

Sheet rubber nosedived to Rs 160 from Rs 165 a kg mainly on selling from dealers. There were no buyers on any grade even at lower levels. The Board's rate moved down to Rs 164 (167) a kg for RSS 4. The September series declined to Rs 161.99 (166.43), October to Rs 161.41 (163.24), November to Rs 161.02 (162.56) and December to Rs 161.75 (163.53) a kg for RSS 4 on the NMCE.

RSS 3 weakened at the September futures to ¥309.9/Rs 172.74 (¥310.4) during the day session and to ¥309.5 (Rs 172.51) a kg during the night session on the Tokyo Commodity Exchange. RSS 3 (spot) slid to Rs 159.60 (160.37) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 160 (165); RSS-5: 155 (161); ungraded: 150 (155); ISNR 20: 148 (149) and latex 60 per cent: 112.50 (113).

Source : Business Line