Spot rubber rules steady

Print this page Posted on : 12-10-2008 by recycleinme.com

Kottayam, Dec. 9

The rubber prices maintained the steady mood on Tuesday. According to market circles there were no sellers in the market as most of the traders seemed unwilling to sell the raw material though there were no quantity buyers in the market even at these levels. Sheet rubber closed unchanged at Rs 59 a kg as on Monday. The volumes were low.

Short covering

Rubber futures on the Tokyo Commodity Exchange remained at lower ground though the nearby months moved up on short covering at the opening catalysed by Monday's late gains. But the April and May contracts were hit hardly by profit booking at higher levels on late trading.

Selling spread to the remaining contracts also as a whole later, reflecting the weakness in other commodity futures. All contracts fell into the negative territory towards morning close. RSS 3 declined at its December futures to ¥95.5 (Rs 50.70) from ¥104.8, January to ¥97.5 (106.5), February to ¥98.7 (109.9), March to ¥100.3 (113.3), April to ¥102.7 (115.1) and May to ¥105 (117.7) a kg at TOCOM. The grade's spot moved down to Rs. 55.74 from Rs 57.32 a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 59 (59); RSS-5: 57 (57); ungraded: 54 (54); ISNR 20: 56.50 (56.50) and latex 60 per cent: 44 (44).

Source : Business Line