Spot rubber prices steady

Print this page Posted on : 07-24-2010 by recycleinme.com

Kottayam, July 23

Spot rubber remained almost unchanged on Friday. A weak closing on the National Multi Commodity Exchange and the absence of major consuming industries in the buyers queue kept the market rather inactive. But the prices maintained the previous day's closing levels on supply concerns. Sheet rubber finished flat at Rs 181 a kg while latex, the only loser of the day lost on comparatively low demand.

Among other reports, the rise in natural rubber (NR) price has reflected in a sharp increase in consumption of synthetic rubber (SR) in India. According to the latest trend in the consumption pattern, the current ratio of NR-SR consumption of 73:27 is likely to change to 70:30 in favour of SR by the end of the current financial year.

In futures, the August series weakened to Rs 176.99 (178.20), September to Rs 163.17 (164.06), October to Rs 158.14 (159.05) and November to Rs 158.01 (159.14) a kg for RSS 4 on the National Multi Commodity Exchange.

RSS 3 flared up at its July futures to ¥397.2\Rs 213.71 (¥357.2) during the day session and it improved further to ¥400 (Rs 215.19) a kg during the night session on the Tokyo Commodity Exchange. The grade (spot) slipped to Rs 149.97 (152.07) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 181 (181); RSS-5: 176.50 (176.50); ungraded: 170 (170); ISNR 20: 160 (160) and latex 60 per cent: 123 (125).

Source : Business Line