Spot rubber improves on lower arrivals

Print this page Posted on : 02-18-2009 by recycleinme.com

Spot rubber improved further on Tuesday. Covering groups maintained the market in a bullish mood as the inflow of the raw material continued to be low. According to observers there have been no revised quotations from the tyre sector but sheet rubber firmed up to Rs 69 from Rs 68 a kg amidst scattered transactions. RSS 4 moved up at its March futures to Rs 70.16 (69.11), April to Rs 71.68 (70.87), May to Rs 72.70 (71.65) and June to Rs 73.50 (72.33) a kg on National Multi Commodity Exchange (NMCE).

Futures slip

The rubber futures on the Tokyo Commodity Exchange slipped marginally on Tuesday. The market opened weak on buyers' liquidation amidst oil futures' declines. Prices fluctuated in a narrow range for the rest of the morning session. The market swung back into plus territory during the afternoon session but finished in red again on selling at higher levels. The February contract for RSS 3 concluded at ¥133 (133.2) (Rs 71.82), March at ¥135.5 (135.5), April at ¥137.1 (137.9), May at ¥138.9 (139.5), June at ¥140.7 (141.3) and July at ¥143.2 (143.6) a kg on TOCOM. RSS 3 (spot) closed at Rs 73.76 (73.65) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 69 (68); RSS-5: 68 (67); ungraded: 67 (65.75); ISNR 20: 66 (65.50) and latex 60 per cent: 58 (57.50).

Source : Business Line