Low stock rumours fuel spot rubber
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Rubber prices moved up a traders turned aggressive to cover their positions on or before 11th in current month futures following rumours on low stocks in warehouses. The bull run might expire once the covering is over and the prices would fall back to normal levels, an observer said. In the physical front, RSS 4 firmed up to Rs.90 and Rs.90.50 from Rs.89 and Rs.89.50 a kg respectively at Kottayam and Kochi and the market made all round gains on fresh demand.
FUTURES IMPROVE
In futures the October contract for RSS 4 improved sharply to Rs.92.66 (91.28) a kg while the November contract downed the shutters at Rs.87.70 (87.82), December at Rs.87.75 (87/72) and January at Ts.88.76 (88.70) per kg on NMCE. The open interest stood at 3,712 (3,729) lots with 594 (898) lots in October, 1,755 (1,564) lots in November, 977 (889) lots in December and 386 (378) lots in January. Spot prices were (Rs/kg): RSS -4: 90(89); RSS-5: 88(87); ungraded : 86(85); ISNR 20: 87 (86) and latex 60 per cent 62.60 (62.10).
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Source : Business Line |
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