Spot rubber declines further

Print this page Posted on : 02-27-2009 by recycleinme.com

Spot rubber declined further on Thursday. According to sources, the domestic market fell in the absence of follow up support from major consuming industries though the international markets were bullish. Sheet rubber declined to Rs 70 from Rs 71 a kg on buyer resistance. The volumes were low. The March futures for RSS 4 weakened to Rs 70.00 (70.43), April to Rs 71.20 (71.54), May to Rs 72.10 (72.60) and June to Rs 72.01 (72.94) a kg on National Multi Commodity Exchange (NMCE).

Futures firm

The rubber futures on the Tokyo Commodity Exchange finished firm on Thursday. The futures opened better on fresh buying and short covering following the gains in oil futures and Yen's weakness against dollar. Prices firmed up further from late morning to afternoon. RSS 3 improved at its March futures to ¥135 (129.8) (Rs 69.33), April to ¥136.5 (131), May to ¥138 (133.1), June to ¥139.4 (134.6), July to ¥140.2 (135.9) and August to ¥142.1 (137) a kg on TOCOM. The grade moved up to Rs 72.76 (71.72) a kg on Singapore Commodity Exchange (SICOM).

Spot rates were (Rs/kg): RSS-4: 70 (71); RSS-5: 69 (70); ungraded: 68 (69); ISNR 20: 67.50 (68) and latex 60 per cent: 56.50 (57).

Source : Business Line