Spot rubber declines further
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Rubber prices fell further on Tuesday. The sentiments were hit by the losses in Japanese rubber futures as the January contract fell below its all time low of ¥ 300.5 followed by heavy long liquidation. RSS 4 moved down to Rs 137 from Rs 137.75 a kg on buyer resistance. The market made all- round declines amidst low volumes in a rather dull trading session. There were no quantity buyers or sellers in the main marketing centres. Major manufacturers remained inactive expecting the prices to cool down reducing the gap between the domestic and global rates. Another day without rains gave fresh hopes for an increase in production and arrivals towards the end of August.
FUTURES WEAK
The August contract for RSS 3 declined to ¥ 321.1 ( Rs 128.53) from ¥ 328, September to ¥ 316.5 ( 323), October to ¥ 311.2 ( 317.7), November to ¥ 306.6 ( 312.2), December to ¥ 299.8 ( 305.8) and January to ¥ 296.2 ( 302.7) a kg at TOCOM. But its spot improved to Rs 125.18 ( 124.54) a kg at Bangkok. Spot prices were ( Rs/ kg): RSS- 4: 137 ( 137.75); RSS- 5: 134.50 ( 135); ungraded: 128 ( 129); ISNR 20: 131.50 ( 131.50) and latex 60 per cent: 81 ( 82).
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Source : Business Line |
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