Spot rubber declines

Print this page Posted on : 09-27-2007 by recycleinme.com

Spot rubber declined on Wednesday. Most of the traders preferred to sell since the market ruled above the international prices and a correction was expected around these levels. RSS 4 declined to Rs.90 and Rs.90.50 from Rs.91 and Rs.91.50 a kg, respectively, at Kottayam and Kochi.

The rubber futures turned weak quoting the October contract at Rs.88.55 against Rs.90.36 a kg on MCX. On NMCE, the prices slipped below the initial daily limit of 2% and the October contract fell sharply to Rs.88.75 (91.59), November to Rs.85.37 (87.79), December to Rs.85.05 (87.92) and January to Rs.86.25 (88.42) per kg for RSS 4. Volumes totalled 2,492 tonnes (2,706). The open interest was 3,490 (3,534) lots with 1,508 (1,660) lots in October, 1,177 (1,127) lots in November, 607 (580) lots in December and 198 (67) lots in January.

The October futures for RSS 3 firmed up further to 256.5 Yen (Rs.88.61) from 254.5 Yen a kg at TOCOM. RSS 3 (spot) improved to Rs.87.30 from Rs.86.79 a kg at Bangkok.

Spot prices were (Rs./kg): RSS-4: 90(91); RSS-5: 87(88); un graded :85 (86); ISNR 20: 86(87) and latex 60% : 62.10 (62.10).

Source : Business Line