Spot rubber rules steady

Print this page Posted on : 05-23-2009 by recycleinme.com

Spot rubber closed unchanged on Friday. The market lost its direction in the absence of genuine consumer-based buying as it now rules almost Rs 20 above the global price levels. It seemed to be hesitant to break the psychological hundred mark as most of the traders preferred to wait for another strong closing in the domestic and international rubber futures, an analyst said. Sheet rubber closed flat at Rs 100 a kg amidst extremely thin volumes.

Futures decline

The June futures for RSS 4 downed the shutters at Rs 99.60 (99.57), July at Rs 96.70 (97.04), August at Rs 94.25 (94.86) and September at Rs 92 (92) a kg on National Multi Commodity Exchange (NMCE). RSS 3 weakened its May futures to ¥153.6 (154.1) (Rs 77.06), June to ¥151.5 (153.5), July to ¥154.4 (156.1), August to ¥156.5 (158.5), September to ¥158.5 (160.3) and October to ¥160.7 (162.5) a kg on early trades on Tokyo Commodity Exchange (TOCOM).

The grade closed consecutively at ¥152.5, ¥151.5, ¥156, ¥157.2, ¥160.1 and ¥162.5 a kg at the night session. RSS 3 (spot) moved down to Rs 83.24 (83.72) a kg at Bangkok. The grade slipped further to Rs 79.53 (79.93) a kg on Singapore Commodity Exchange (SICOM).

Spot rates were (Rs/kg): RSS-4: 100 (100); RSS-5: 97 (97); ungraded: 96 (96); ISNR 20: 93.50 (93.50) and latex 60 per cent: 71 (71).

Source : Business Line