Spot rubber turns bearish
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The physical rubber prices were bearish on Friday. RSS 4 declined to Rs.93.50 from Rs.94 a kg at Kottayam and Kochi in a rather dull trading session. The market remained under pressure on buyer resistance though major manufacturers were reported to be silent buyers at lower levels during these days, an observer said. “We could not see any increase in arrivals yet,” he added. The trend was mixed.
Meanwhile, TOCOM finished steady at ¥ 258/3 a kg at its December futures for RSS 3 while its spot weakened by 22 paise to Rs.97.35 a kg at Bangkok.
FUTURES WEAK
In futures, the December contract finished weak at Rs.95.15 (95.95) a kg on MCX. The December futures concluded the session at Rs.95.77 (96.56), January at Rs.97.03 (97.97), February at Rs.98.40 (99.27) and March futures at Rs.100.33 (101.26) per kg for RSS 4 on NMCE. The volumes stood at 1,075 (1,343) tonnes while the open interest was quoted at 5,883 (5,778) tonnes. The outstanding positions were 1,807 (1,782) tonnes in December, 2,355 (2,299) tonnes in January, 1,418 (1,399) tonnes in February and 303 (298) tonnes in March.
Spot prices were (Rs./kg): RSS-4: 93.50 (94); RSS-5: 90.50 (90.50); ungraded : 85.50 (86); ISNR 20: 89 (89.50) and latex 60 per cent : 62 (62.50).
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Source : Business Line |
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