Spot rubber prices rule steady

Print this page Posted on : 10-30-2008 by recycleinme.com

The domestic rubber prices were almost steady on Wednesday. Sheet rubber RSS4 closed flat at Rs 88 a kg as on Tuesday. The revised quote from the tyre sector was even lower at Rs 87.50 a kg for the grade. Volumes continued to be dull.

The rubber futures on the Tokyo Commodity Exchange extended gains at the opening, attracting short covering coupled with fresh buying amidst higher oil prices and yen's weakening against dollar.

Selling pressure

The market slipped partially later on renewed selling but sentiments improved towards the morning close. Prices were firm in the afternoon though the nearby contracts remained under pressure on selling at higher levels.

The November futures for RSS 3 improved to 163.1 (Rs 83.66) yen from 162.7 yen, December to 166.7 (163.5) yen, January to 169.0 (165.3) yen, February to 170.1 (163.6) yen, March to 173.1 (165.0) yen and April to 173.9 (166.5) yen a kg on TOCOM. RSS 3 (spot) slipped further to Rs 91.27 (91.69) a kg at Bangkok. The per kg spot rubber rates were: RSS-4: 88.00 (88.00); RSS-5: 86.00 (86.00); ungraded: 81.50 (81.50); ISNR 20: 84.50 (84.50) and latex 60 per cent: 62.50 (63.50).

Source : Business Line