Covering buys buoy spot rubber prices

Print this page Posted on : 10-14-2009 by recycleinme.com

Kottayam, Oct. 13

Physical rubber prices improved on Tuesday. The market gained on covering purchases on early trades and managed to sustain in the positive side though the initial energy was wiped-out later following the weakness in domestic futures.

Buyers stayed back on late trades as the Japanese futures surrendered the day's gains partially towards the morning close. Sheet rubber improved to Rs 107.50 from Rs 107 a kg but the grade was seller at the quoted rate during the closing hours.

The trend was mixed as ungraded rubber and ISNR 20 finished unchanged amidst comparatively dull volumes.

Futures slip

RSS 4 slipped at its October futures to Rs 107.65 (108.06), November to Rs 109 (109.91), December to Rs 110.80 (111.44) and January to Rs 112.59 (112.89) a kg on National Multi Commodity Exchange (NMCE).

RSS 3 improved with October futures rising to ¥215 (¥214) (Rs 111.21) and November to ¥216.4 (¥213.5) a kg during the day session on Tokyo Commodity Exchange (TOCOM).

The October futures concluded at ¥215 and November at ¥216.4a kg during the night session. RSS 3 weakened to Rs 111.62 (112.22) a kg on Singapore Commodity Exchange (SICOM). The grade firmed up to Rs 110.41 (109.87) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 107.50 (107); RSS-5: 102.25 (102); ungraded: 98 (98); ISNR 20: 96 (96) and latex 60 per cent: 69 (68).

Source : Business Line