Spot rubber gains on covering buys

Print this page Posted on : 07-15-2009 by recycleinme.com

The spot market showed a bullish mood on Tuesday. Sheet rubber RSS 4 improved to Rs 96.50 from Rs 96 a kg on covering purchases following a better closing in the domestic and international rubber futures.

There were no enquiries from the tyre sector. The trend was mixed as ISNR 20 remained unchanged amidst scattered transactions and latex 60 per cent declined further on low demand.

Futures firm

The July futures for RSS 4 firmed up to Rs 99 (98.04), August to Rs 93.85 (93.09), September to Rs 89.32 (88.90) and October to Rs 87.05 (86.50) per kg on National Multi Commodity Exchange (NMCE).

RSS 3 improved at its July futures to ?158 (?155.5) (Rs 82.89), August to ?157.5 (?155), September to ?155.8 (?152.6), October to ?154.1 (?151.2), November to ?155.4 (?151.7) and December futures to ?156.8 (?153) a kg during the day session on TOCOM. The July futures closed at ?159 (Rs 83.43), September at ?156.7, October at ?155.2, November at ?155.8 and December at ?157.2 per kg, while the August futures remained inactive during the night session. RSS 3 was firm at Rs 81.88 (81.02) a kg on Singapore Commodity Exchange (SICOM). The grade moved up to Rs 82.63 (81.50) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 96.50 (96); RSS-5: 95 (94); ungraded: 92 (91); ISNR 20: 86 (86) and latex 60 per cent: 80 (81).

Source : Business Line