Spot rubber drops on lack of buying support

Print this page Posted on : 01-21-2009 by recycleinme.com

Kottayam, Jan. 20

Spot rubber declined sharply on Tuesday. The lack of support from the major manufacturers kept the physical market under immense pressure during the session.

Sheet rubber moved down to Rs 66.50 from Rs 68.50 a kg on selling from dealers and growers.

Futures up a tad

The February futures for RSS 4 improved marginally to Rs 69.50 (69.13), March to Rs 70.44 (70.09), April to Rs 72.30 (71.69) and May to Rs 73.45 (72.99) a kg on National Multi Commodity Exchange (NMCE). Rubber futures on the Tokyo Commodity Exchange were mixed.

January contract for RSS 3 downed the shutters at ¥137 (Rs 74.60) against ¥138, February at ¥139 (139.7), March at ¥144.2 (144.1), April at ¥146.2 (148), May at ¥148.8 (150.4) and June at ¥150 (152.2) a kg on TOCOM. RSS 3 (spot) moved down to Rs 74.84 (75.29) a kg at Bangkok.

Spot rubber rates (Rs/kg) were: RSS-4: 66.50 (68.50); RSS-5: 65.50 (67); Ungraded: 64.50 (66); ISNR 20: 65 (67) and Latex 60 per cent: 60.50 (61.50).

Source : Business Line