Spot rubber improves further

Print this page Posted on : 03-25-2009 by recycleinme.com

The physical rubber rates improved further on Tuesday. A major tyre manufacturer was buyer on sheet rubber during the day and the grade moved up to Rs 79 from Rs 78.50 on fresh demand. According to sources, the market seemed to be losing its steam on late trades. The trend was mixed.

In futures, the April contract for RSS 4 closed at Rs 78.45 (79.69), May at Rs 79.32 (81.06), June at Rs 79.75 (81.43) and July at Rs 80.00 (80.72) a kg on National Multi Commodity Exchange (NMCE).

Futures gain

The rubber futures on the Tokyo Commodity Exchange extended its gains attracting bulls' buying and short covering on early trades. Sentiments weakened towards late morning on long liquidation in the absence of fresh incentives specific to rubber. But the market managed to finish in green in the afternoon. The March futures for RSS 3 firmed up marginally to ¥138.9 (¥138) (Rs 71.84), April to ¥144.1 (¥142.5), May to ¥146.1 (¥145), June to ¥148.4 (¥148.1), July to ¥148.9 (¥147.7) and August to ¥149.7 (¥148.7) a kg on TOCOM. RSS 3 (spot) flared up to Rs 75.07 (73.43) a kg at Bangkok. The grade improved to Rs 75 (74.58) a kg on Singapore Commodity Exchange (SICOM).

Spot rates were (Rs/kg): RSS-4: 79 (78.50); RSS-5: 78 (77); ungraded: 76 (76); ISNR 20: 76 (75.50) and latex 60 per cent: 58 (58).

Source : Business Line