Tyre makers’ entry spurs spot rubber

Print this page Posted on : 09-26-2007 by recycleinme.com

Physical rubber prices recorded another smart move on Tuesday. The re-entry of the tyre makers with higher quotes fuelled the domestic sentiments considerably and covering groups remained moderately active on sheet rubber throughout the session. The grade flared up to Rs.91 and Rs.91.50 a kg respectively at Kottayam and Kochi from Rs.90 a kg on renewed buying interest. A better closing in TOCOM and lingering rains kept the buyers under pressure as the market broke above the crucial Rs.90 level ridden on short supply.

FUTURES BETTER

Hitting the initial daily upward limit of 2 per cent except in January on early trade, the rubber futures finished better on NMCE though there has been partial profit booking in far months at higher levels. The October contract was quoted at Rs.91.72 (89.07), November contract at Rs.87.70 (86.42), December at Rs.87.67 (86.56) and January contract at Rs.88.50 (86.93) per kg for RSS 4.

RSS 3 improved at its October futures to 254.5 Yen (Rs.88.32) from 251.3 Yen a kg at TOCOM. The grade slipped by 2 paise to Rs.86.79 a kg at Bangkok.

Spot prices were : RSS-4:91 (90); RSS-5: 88(87.50); ungraded : 86(85); ISNR 20: 87(86.50) and latex 60 per cent : 62.10 (61.55)

Source : Business Line