Spot rubber gains on low supplies

Print this page Posted on : 03-28-2009 by recycleinme.com

Spot rubber made excellent gains on Friday. Covering groups managed to maintain the prices at higher levels inspired by the gains in domestic futures and low supplies. Sheet rubber moved up sharply to Rs 84 from Rs 82 a kg though there were no visible enquiries from the tyre sector. The April futures for RSS 4 improved to Rs 85.10 (83.87), May to Rs 85.81 (84.97), June to Rs 85.25 (84.79) and July to Rs 84 (83.51) a kg on National Multi Commodity Exchange (NMCE).

Futures under pressure

Rubber futures on the Tokyo Commodity Exchange remained under pressure during the weekend session. Long liquidation became dominant later and the market slipped into negative territory towards morning close. Prices fell further in the afternoon. RSS 3 weakened at its April futures to ¥147.7 (¥148.7) (Rs 76.18), May to ¥149.7 (¥151.5), June to ¥151.8 (¥153), July to ¥152.6 (¥153.7), August to ¥154.2 (¥154.7) and September ¥154.2 (¥156) a kg on TOCOM. RSS 3 firmed up to Rs 77.15 (75.59) a kg on Singapore Commodity Exchange (SICOM). Its spot improved to Rs 76.17 (75.23) a kg at Bangkok..

Spot prices were (Rs/kg): RSS-4: 84 (82); RSS-5: 82 (80); ungraded: 80 (78); ISNR 20: 80 (78) and latex 60 per cent: 61 (60.50).

Source : Business Line