Spot rubber gains on raw material shortage
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Physical rubber prices improved further on Tuesday. The market suffered from acute shortage of raw material due to gap in demand and supply. The futures market appeared to be supportive to the current bullishness.
Sheet rubber finished higher at Rs.93 from Rs.91 and Rs.92 a kg, respectively at Kottayam and Kochi as covering groups turned aggressive but the transactions were thin.
The rubber futures ruled firm for August contracts but turned weak for far months on NMCE. The August contract was better at Rs.94.70 (93.41) while the September contract weakened to Rs.87.60 (88.11) October Rs.84.45 (85.34) and November to Rs.82.95 (83.88) per kg for RSS4. The transactions totalled 4,904 (4,789) lots.
The open interest was 6,376 (6,522) lots with 1,999 (2,301) lots in August, 2,664 (2,520) in September, 1,250 (1,256) in October and 463 (445) in November.
The August delivery contract moved up to Rs.92.82 from Rs.91.22 a kg trading 222 lots on MCX.
RSS 3 weakened further at its September futures to 255.3 yen (Rs.86.83) a kg against 257.2 yen a kg at TOCOM. The grade moved down to Rs.88.73 from Rs.89.47 a kg at Bangkok.
Spot prices (in Rs/Kg) were : RSS-4 : 93 (91); RSS-5: 90 (88); ungraded : 88 (87) ; ISNR 20:90 (88); and latex 60%: 61.05 (60).
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Source : Business Line |
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