Spot rubber closes lower on resistance

Print this page Posted on : 09-26-2008 by recycleinme.com

Spot rubber continued its downward journey on Thursday. RSS 4 closed weak at Rs 130.00 from Rs. 132.00 a kg on buyer resistance. There were no quantity buyers in the market as the weather was bright enough for better production. The marginal selling from dealers and growers kept the market under pressure during the session. The sentiments were also affected by the weakness in global rubber followed by declines in oil and precious metals futures.

Covering groups inactive

Covering groups and purchase agents remained inactive mostly as there were no fresh quotes from the tyre sector.The market made all-round declines amidst comparatively low volumes. The October futures for RSS 3 declined to ¥318.0 (Rs 138.71) from ¥328.7 , November to ¥306.4 (¥316.4), December to ¥291.7 (¥299.4), January to ¥288.9 (¥293.4), February to ¥288.4 (¥290.1) and March to ¥287.2 (¥287.5) a kg at TOCOM. It (spot) slipped to Rs 130.71 (131.43) a kg at Bangkok. Spot rates (Rs a kg) were: RSS-4: 130 (132); RSS-5: 127.50 (130); ungraded : 126 (127.50); ISNR 20: 123 (124); and latex 60% : 77 (78).

Source : Business Line