Spot rubber drops on global cues

Print this page Posted on : 04-28-2009 by recycleinme.com

The rubber prices finished weak on Monday. In spot, a leading tyre manufacturer bought sheet rubber up to Rs 100.50 a kg on early trades but the grade failed to sustain at higher levels lacking follow up support amidst declines in domestic and international futures. Sheet rubber moved down to Rs 100 ( 101) on late trades.

“ The growers who are financially capable not only hold their rubber but procure it from wherever available and keep the stock with them,” said Prof. K. K Abraham President, Pala Rubber Marketing Cooperative Society Ltd. “ This makes the situation worse.”

FUTURES DECLINE

RSS 4 declined at its May futures to Rs 98.74 ( 102.85), June to Rs 95.80 ( 99.79), July to Rs 92.66 ( 96.52) and August futures to Rs 89.64 ( 93.37) a kg on National Multi Commodity Exchange ( NMCE).

The May futures for RSS 3 weakened to ¥ 147.7 ( 150) ( Rs 76.80), June to ¥ 148.2 ( 151.2), July to ¥ 150 ( 153.6), August to ¥ 151.2 ( 155.2), September to ¥ 153.8 ( 157.3) and October to ¥ 154.9 ( 158) a kg on Tokyo Commodity Exchange ( TOCOM).

RSS 3 improved to Rs 80.46 ( 79.43) a kg on Singapore Commodity Exchange ( SICOM). It ( spot) slipped to Rs 81.56 ( 81.76) a kg at Bangkok.

Spot rates were ( Rs/ kg): RSS- 4: 100 ( 101); RSS- 5: 97.50 ( 98); ungraded: 94 ( 96); ISNR 20: 95 ( 96) and latex 60 per cent: 71 ( 71).

Source : Business Line