Spot rubber prices hit Rs 115 a kg

Print this page Posted on : 04-26-2008 by recycleinme.com

The domestic rubber made sharp gains on Friday. According to observers, the market appeared to be moving under the control of speculators who were taking advantage of the fundamental and technical position amidst short supply. Major manufacturers were not active above Rs 111.50 a kg but covering groups continued to lift the prices to yearly highs which stood even above the global rates. In spot RSS 4 flared up to Rs 115 and Rs 115.50 a kg respectively at Kottayam and Kochi from Rs 113 a kg and the market made all round gains on better demand. RSS 3 improved at its May futures to 293.5 Yen (Rs 112.81) a kg from 287.8 Yen at TOCOM. RSS 3 spot firmed up to Rs 113.96 (113.65) a kg at Bangkok.

Futures move up

The rubber futures moved up further on NMCE. The May futures downed the shutters at Rs 116.45 (114.25), June at Rs 115 (113.04), July at Rs 111.30 (110.51) and August futures at Rs 109.30 (108.71) a kg for RSS 4. The volumes were better at 2,820 (2,136) tonnes transacting 1,280 (1,147) tonnes in May, 1,195 (744) tonnes in June 266 (181) tonnes in July and 79 (64) tonnes in August.

Spot prices were (Rs/kg): RSS-4: 115 (113); RSS-5: 113 (111); ungraded: 112 (109.50); ISNR 20: 112.50 (110) and latex 60 per cent: 76.50 (75).

Source : Business Line