Spot rubber gains further on short covering

Print this page Posted on : 08-28-2009 by recycleinme.com

Kottayam, Aug. 27

Physical rubber prices improved further on Thursday. Sentiments were bullish as the market moved sharply above the critical resistance levels though the major manufacturers remained inactive in most of the trading sessions. According to observers, traders from the domestic rubber futures were also active on sheet rubber. The grade flared up to Rs 106 from Rs 104.50 a kg on fresh buying and short covering.

Futures gain

RSS 4 improved at its September futures to Rs 107.50 (107.36), October to Rs 108.40 (108.37), November to Rs 109.20 (109) and December to Rs 110.25 (109.67) a kg on National Multi Commodity Exchange (NMCE). The September futures for RSS 3 closed at ?194.3 (?196.3) (Rs 101.42), October at ?195.9 (?196.3), November at ?198.1 (?198.5), December at ?201.3 (?201.3), January at ?204.3 (?204.1) and February at ?206.8 (?206.8) a kg during the day session on TOCOM. The December futures firmed up marginally to ?201.4, January to ?204.7 and February to ?207.1 a kg while the September, October and November futures were inactive on late trades. RSS 3 closed better at Rs 103.64 (103.01) a kg on Singapore Commodity Exchange (SICOM). The grade improved to Rs 102.57 (101.45) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 106 (104.50); RSS-5: 103 (102); ungraded: 101 (99.50); ISNR 20: 96.50 (96) and latex 60 per cent: 76.75 (76).

Source : Business Line