Spot rubber gains on cues from futures

Print this page Posted on : 03-26-2009 by recycleinme.com

Kottayam, March 25

Spot rubber finished firm on Wednesday. The market opened almost steady and remained rather inactive during the morning session but sharp gains in the domestic futures kept the covering buyers active on late trades.

Sheet rubber improved to Rs 79.50 from Rs 79 a kg as sellers stayed back expecting higher targets in the days ahead. The trend was mixed. RSS 4 flared up at its April futures to Rs 80.75 (78.60), May to Rs 82 (79.59), June to Rs 82.10 (79.93) and July to Rs 81.30 (80) a kg on National Multi Commodity Exchange (NMCE).

Bearish sentiments

Rubber futures sentiments remained bearish for the rest of the morning session in Tokyo.

The March 2009 contract expired at ¥141 (Rs 73.24), up by ¥2.1 against ¥138.9 while the April futures weakened to ¥142.4 (¥144.1), May to ¥144.9 (¥146.1), June to ¥146.6 (¥148.4), July to ¥146.5 (¥148.9) and August to ¥147.1 (¥149.7) a kg on TOCOM. RSS 3 (spot) slipped to Rs 74.79 (75.07) a kg at Bangkok. The grade closed weak at Rs 74.63 (75) a kg on Singapore Commodity Exchange (SICOM).

Spot prices were (Rs/kg): RSS-4: 79.50 (79); RSS-5: 78 (78); ungraded: 76.50 (76); ISNR 20: 76 (76) and latex 60 per cent: 59 (58).

Source : Business Line