Spot rubber prices firm on yen's strength

Print this page Posted on : 06-24-2008 by recycleinme.com

Spot rubber prices rates firmed up on Monday. Another positive closing in Japanese futures followed by yen's strength against the dollar catalysed the domestic sentiments and sheet rubber RSS 4 moved up to Rs 126 from Rs 124.50 a kg on the previous weekend. Though the quotes from the major manufacturers were much below the prevailing rates, the market remained firm mainly on fundamental reasons.

Slipping supplies

News on declining supplies due to intensified monsoon rains kept the covering groups comparatively active during the session. The volumes were dull. In the international front, RSS 3 improved at its June contract to 342.1 yen (Rs 136.47) from 336.9 yen, July to 344.3 yen (336.6), August to 344.1 yen (336.7), September to 344.7 yen (336.8), October to 344.2 yen (336.4) and November to 345 yen (337.6) a kg at TOCOM. The grade weakened further to Rs 139.49 (Rs 140.91) a kg at Bangkok. Spot prices (Rs a kg) were RSS-4: 126 (124.50), RSS-5: 124 (122.50), ungraded: 121.50 (119.50), ISNR 20: 125 (121) and latex 60%: 86 (85).

Source : Business Line