Spot rubber drops further

Print this page Posted on : 09-25-2008 by recycleinme.com

The domestic rubber prices declined further on Wednesday. According to sources, there were improved selling from dealers and growers as weather turned more favourable for tapping and production. RSS 4 declined to Rs 132 from Rs 134 a kg and the market made all-round declines, lacking support from the consuming sector. The volumes were moderate. Meanwhile, the trend setting Japanese rubber futures remained under pressure in the afternoon session. The market opened better but sellers dominated the scene on late trading following slips in oil products futures.

Exception

The only exception was the current month September which ended sharply higher by ¥19.8 on its concluding day.The September contract for RSS 3 expired at ¥380.1 ( Rs.164.73) against ¥360.3 a kg, while its October futures weakened to ¥328.7 (¥332.9), November to ¥316.4 (¥320.6), December to ¥299.4 (¥305.6 ), January to ¥293.4 (¥299.30) and February to ¥290.1 (¥296.6) a kg at TOCOM. The grade's spot improved to Rs 131.43 (129.48) a kg at Bangkok. Spot rates (Rs a kg) were: RSS-4 : 132 (134); RSS-5 : 130 (132.50); ungraded : 127.50 (128.50); ISNR 20 : 124 (125.50 ); and Latex 60%: 78 ( 78).

Source : Business Line