Spot rubber up on covering purchases

Print this page Posted on : 01-17-2009 by recycleinme.com

Kottayam, Jan. 16

The physical rubber prices were firm on Friday. The market improved on covering purchases following a better closing in TOCOM futures. Sheet rubber moved up to Rs 71.50 from Rs 71 a kg after hitting an intraday high at Rs 72 a kg on early trades. There were no fresh quotes from major consuming industries. RSS 4 weakened at its February futures to Rs 73.21 (73.96), March to Rs 74.21 (74.87), April to Rs 75.26 (76.36) and May to Rs 77 (77.10) a kg on National Multi Commodity Exchange (NMCE).

Futures better

Rubber futures on the Tokyo Commodity Exchange finished better on the weekend session. The trendsetter bounced back at the opening. on short covering amidst gains in oil futures and the Yen's decline against Dollar. Sentiments remained firm during the morning session. Short covering continued to push up the prices further in the afternoon. RSS 3 (spot) improved to Rs 75.50 (74.97) a kg at Bangkok. The grade firmed up at its January contract to ¥138.8 (Rs 74.92) from ¥133, February to ¥141 (134.9), March to ¥144..1 (139), April to ¥146.5 (140.8), May to ¥148.9 (142.5) and June to ¥150.4 (144.9) a kg on TOCOM.

Spot prices were (Rs/kg): RSS-4: 71.50 (71); RSS-5: 70.50 (70); ungraded: 68.50 (68); ISNR 20: 69.50 (69) and latex 60 per cent: 61.50 (60.50).

Source : Business Line