Spot rubber hits new high of Rs 142/kg

Print this page Posted on : 08-29-2008 by recycleinme.com

Rubber concluded at its all-time high for the second time during the year on Thursday. RSS 4 closed at Rs 142 a kg against Rs 141 a kg as supply concerns continued to haunt the main marketing centres. The trend was mixed since ISNR 20 slipped on low demand and latex closed flat while the remaining grades made handsome gains amidst low volumes. A firm closing in global rubber futures followed by fund buying and investor participation extended further support to the domestic sentiments. Major manufacturers continued to stay back but covering groups remained extremely active on sheet rubber procuring the sparse arrivals. "There is no rubber in the market and I expect RSS 4 to break its lifetime high in the succeeding sessions", an observer said.

Futures improve

RSS 3 improved at its September futures to ¥339.3 (Rs 136.06) from 336.9, October to ¥333.7 (331.8), November to ¥328.9 (327.1), December to ¥323.8 (322.7), January to ¥320.6 (319) and February to ¥320 (318.6) a kg at TOCOM. The grade (spot) closed higher at Rs 130.18 (128.67) a kg at Bangkok. Spot prices were (Rs/kg): RSS-4: 142 (141); RSS-5: 139 (137); ungraded: 134 (132); ISNR 20: 132.50 (134) and latex 60 per cent: 81.50 (81.50).

Source : Business Line