Spot rubber turns weak

Print this page Posted on : 03-31-2009 by recycleinme.com

The physical rubber prices turned weak on Monday. The market lost ground mainly on selling from dealers amidst the declines in domestic and international futures. Sheet rubber moved down to Rs 85 a kg from Rs 85.50 a kg on the previous weekend. RSS 4 declined at its April futures to Rs 85.50 (86.65), May to Rs 85.36 (87.66), June to Rs 84.20 (86.65) and July to Rs 83.01 (85.40) a kg on National Multi Commodity Exchange (NMCE).

Futures under pressure

Rubber futures on the Tokyo Commodity Exchange remained under pressure on Monday. The prices fell on early trades following the declines in oil products and gold futures. The market mood was quite dull during the morning session, while it remained bearish in the afternoon. The April futures for RSS 3 weakened to ¥144.4 (¥147.7) (Rs 76.56), May to ¥147.2 (¥149.7), June to ¥147.7 (¥151.8), July to ¥148.6 (¥152.6), August to ¥148.9 (¥154.2) and September ¥150.7 (¥154.2) a kg on TOCOM. RSS 3 closed at Rs 77.23 (77.15) a kg on Singapore Commodity Exchange (SICOM). The grade's spot improved to Rs 76.45 (76.17) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 85 (85.50); RSS-5: 82.50 (83.50); ungraded: 81 (82.50); ISNR 20: 80.50 (82) and latex 60 per cent: 62 (62).

Source : Business Line