Spot rubber rules steady

Print this page Posted on : 02-25-2009 by recycleinme.com

Spot rubber showed a steady trend on Tuesday. The market activities were in a dull mood as buyers stayed back following a weak closing in the domestic and international futures.

Sheet rubber RSS 4 finished unchanged at Rs 71.50 a kg consecutively for the third day on buyer resistance. The transactions were narrow. RSS 4 weakened at its March futures to Rs 70.75 (71.55), April to Rs 71.90 (72.66), May to Rs 72.70 (73.47) and June to Rs 73 (74.17) a kg on National Multi Commodity Exchange (NMCE).

Rubber futures on the Tokyo Commodity Exchange sought further lows on Tuesday. The sentiments were hit mainly by long liquidation on early trades. The market resisted further declines later in the morning as buying strengthened amidst yen's weakness against the dollar. But sellers dominated the scene once again during the afternoon session.

The March futures for RSS 4 closed at ¥125.2 (127.6) (Rs 65.45), April at ¥127 (129.3), May at ¥129 (132.1), June at ¥130.7 (133.1), July at ¥132 (135.9) and August at ¥134 (134) a kg on TOCOM. The grade (spot) slipped to Rs 71.39 (71.71) a kg at Bangkok. Spot rates were (Rs/kg): RSS-4: 71.50 (71.50); RSS-5: 70.50 (70.50); ungraded: 69.50 (69.50); ISNR 20: 68 (68) and latex 60 per cent: 58 (58).

Source : Business Line