Spot rubber improves further on short covering

Print this page Posted on : 11-24-2009 by recycleinme.com

Kottayam, Nov. 23 The rubber prices explored further highs on Monday. The market improved on fresh buying and short covering following the gains in the international and domestic futures. In spot, the major manufacturers were buyers on sheet rubber up to Rs 116.50 a kg and the grade improved to Rs 117 from Rs 115 a kg on late trades. According to sources there were no quantity sellers in the main marketing centres even at higher levels. Futures gain The December futures for RSS 4 flared up to Rs 121.75 (118.53), January to Rs 124.25 (120.77), February to Rs 126.20 (122.09) and March to Rs 127.40 (123.29) a kg on National Multi Commodity Exchange (NMCE). RSS 3 closed at Rs 122.91 (120.97) a kg on Singapore Commodity Exchange (SICOM). It firmed up to Rs 120.73 (119.96) a kg at Bangkok. The Tokyo Commodity Exchange (TOCOM) remained closed on account of Labour Thanksgiving Day. Spot rates were (Rs/kg): RSS-4: 117 (115); RSS-5: 113 (110); ungraded: 110 (108); ISNR 20: 111 (108) and latex 60 per cent: 71 (70).

Source : Business Line