Spot rubber zooms as growers hold back stocks
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The rubber prices zoomed to exciting highs taking support from favourable fundamental and technical factors in the domestic and international scene on Tuesday. Most of the traders and growers began to hold the stocks expecting the market to create a new high during the current bull phase. Sheet rubber closed at Rs.97 and Rs.98 against Rs.94.50 and Rs.95 a kg respectively at Kottayam and Kochi as covering groups turned aggressive on the grade amidst declining supplies”.
“We also expect rubber to remain strong in the days ahead as north east monsoon is expected to tighten its grip all over the State in the days ahead,” an observer said. The global markets were also in the buying mode in view of the gains in oil though strong yen against dollar hammered TOCOM prices temporarily during mid morning session.
FUTURES MOVE UP
The rubber futures moved up above the initial daily limit of 2 per cent in all contracts, breaking the Rs.100 mark in distant months. The November contract for RSS 4 was quoted at Rs.99.95 (96.70), December at Rs.100.80 (97,01), January at Rs.102.14 (98.22) and February at Rs.101.92 (98) per kg on NMCE. The November contract for the grade finished at Rs.99.50 (96.79) a kg on MCX. Spot prices were (Rs./kg): RSS-4: 97(94.50); RSS-5: 95(92.50); ungraded :93(90); ISNR 20: 93.50 (91) and latex 60 per cent : 64.20 (64.20).
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Source : Business Line |
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