Spot rubber prices decline

Print this page Posted on : 10-25-2007 by recycleinme.com

Though the strike by the lorry owners was withdrawn around noon, the physical rubber prices failed to react quickly to the trend reversing news and closed weak on Wednesday. Sheet rubber declined to Rs.97.50 and Rs.98 a kg from Rs.99 and Rs.98.0 a kg respectively at Kottayam and Kochi.

The market made all round declines except in latex which was rather inactive and steady during the trading session. The prices fell amidst thin volumes, sources said.

FUTURES RECOVER

The rubber futures opened weak and declined sharply towards mid-session but bounced back to the positive territory on fresh buying and short covering during the later half of the day. The November contract for RSS 4 improved to Rs.99.20 (98.26), December to Rs.99.95 (98.54), January to Rs.100.05 (99.23) and February to Rs.101 (100.52) per kg on NMCE. The open interest was 4,548 (4,156) tonnes, while the volumes totalled 3,561 (2,043) tonnes. Meanwhile the November contract finished marginally weak at Rs.98 (98.42) a kg on MCX. RSS 3 improved by Rs.1.27 to Rs.95.55 a kg at Bangkok. Spot prices were (Rs./kg) : RSS-4: 97.50(99); RSS-5: 95.50 (97); ungraded : 93.50 (94); ISNR 20 : 93.75 (96) and latex 60 per cent : 63.50 (63.50).

Source : Business Line