Sheet rubber drops to Rs 106/kg
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Spot rubber prices fell deep in to the minus territory on Friday. The market lost heavily as it followed the global sentiments when resumed trading after the holiday on Thursday owing to Gandhi Jayanthi. According to sources there has been some selling from dealers though there was no visible improvement in arrivals. Sheet rubber RSS 4 declined to Rs 106 from Rs 112 a kg on Wednesday. The market moved down further on buyer resistance. The tyre sector continued to stay inactive and they seemed to be playing rather safe.
Futures recoup
Meanwhile in Japanese rubber futures, the nearby contracts recouped part of the losses followed by short covering. The October contract for RSS 3 ended marginally higher at ¥263.7 (Rs 118.12) from ¥263 and November at ¥262 (259.3) a kg while its December futures weakened to ¥244.2 (247.1), January to ¥242.2 (245.4), February to ¥242.6 (245.4) and March to 242.3 (246.3) a kg at TOCOM. The grade declined to Rs 120.05 (124.71) a kg at Bangkok. Spot rates were (Rs/kg): RSS-4: 106 (112); RSS-5: 104.50 (110); ungraded: 100 (105); ISNR 20: 102.50 (109) and latex 60 per cent: 76 (76).
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Source : Business Line |
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