Short-covering perks up spot rubber prices

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

Kottayam, Sept 8

Spot rubber improved on Wednesday. According to observers the physical market ruled firm following the gains in domestic futures as the inflow of the raw material was still weak. Sheet rubber increased to Rs 167 from Rs 165 a kg on fresh buying and short covering. The volumes were marginally better.

RSS 4 increased at the September futures to Rs 169.39 (168.31), October to Rs 166.03 (164.29), November to Rs 166.16 (164.61) and December to Rs 167.75 (166.20) a kg on the National Multi Commodity Exchange. The volumes totalled 3404 lots. The turnover was 57 crores and open interest 4255 lots. The September futures for RSS 3 weakened to ?298.2 (Rs 165.67) from ?302 during the day session but recovered partially to ?299 (Rs 166.06) a kg during the night session on Tokyo Commodity Exchange (TOCOM).

RSS 3 (spot) improved to Rs 163.81 (163.50) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 167 (165); RSS-5: 162 (160); ungraded: 157.50 (155); ISNR 20: 152 (149.50) and latex 60 per cent: 111 (111).

Source : Business Line