Spot rubber gains on cues from futures

Print this page Posted on : 08-27-2009 by recycleinme.com

The domestic rubber prices flared up on Wednesday. In spot, the market improved following the sharp gains on NMCE. A firm closing in international indices catalysed the sentiments further and sheet rubber moved up to Rs 104.50 from Rs 103 a kg mainly on covering purchases. Major manufacturers were buyers on the grade up to Rs 103 a kg on early trades. The volumes were comparatively low.

Futures gain

The September futures for RSS 4 improved sharply to Rs 107.23 (104.53), October to Rs 108.40 (105.79), November to Rs 109.19 (106.68) and December to Rs 109.37 (107.51) a kg on National Multi Commodity Exchange (NMCE). RSS 3 firmed up at its September futures to ¥196.3 (¥190.9) (Rs 102.03), October to ¥196.3 (¥193.8), November to ¥198.5 (¥196.7), December to ¥201.3 (¥199), January to ¥204.1 (¥201.5) and February to ¥206.8 (¥202) a kg during the day session on TOCOM. The October futures for the grade closed at ¥196, November at ¥199.5, December at ¥202.3, January at ¥205 and February at ¥207.5 a kg while the September futures remained inactive during the night session. RSS 3 improved to Rs 103.01 (101.12) a kg on Singapore Commodity Exchange (SICOM). The grade closed better at Rs 101.45 (100.58) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 104.50 (103); RSS-5: 102 (101); ungraded: 99.50 (99); ISNR 20: 96 (95) and latex 60 per cent: 76 (76).

Source : Business Line