Spot rubber gains further

Print this page Posted on : 04-29-2008 by recycleinme.com

Spot rubber made another positive closing on Monday. RSS 4 finished better at Rs 117 and Rs 118 a kg respectively at Kottayam and Kochi against Rs 116.50 a kg on the previous weekend.

According to informed sources, the grade hit an all time high at Rs119 a kg at Kottayam during the session as covering groups remained extremely aggressive anticipating further rice in prices. But the rates failed to sustain as speculators stayed back on late trading possibly triggering a technical correction at higher levels.The May futures for RSS 3 firmed up to ¥298.4 (Rs 114.06) a kg from ¥293.5 at TOCOM. Rubber turned weak towards close after a firm start on NMCE. The May futures slipped to Rs.116.65 (116.96), June to Rs 114.60 (115.74), July to Rs 110.50 (111.02) and August futures to Rs.108.62 (109.32) per kg for RSS 4.

Spot prices (Rs a kg) were: RSS-4: 117 (116.50); RSS-5:116 (115); ungraded:114 (112.50); ISNR 20:115 (114); and latex 60%:78.50(77.00).

Source : Business Line