Spot rubber drops on buyer resistance

Print this page Posted on : 11-29-2007 by recycleinme.com

Another fall in crude oil hammered the rubber prices on Wednesday. RSS 3 declined at its December futures to ¥ 260.4 (Rs.95.08) from ¥ 266.4 a kg at TOCOM. The market leader suffered all round losses following bull liquidation coupled with short selling as crude oil fell to $93.90 (96.20) dollar per barrel before recovering to $94.04 on late trading.

RSS 3 spot improved by 38 paise 97.95 a kg at Bangkok.

In the physical front, sheet rubber RSS 4 slipped to Rs.4.50 from Rs.95 a kg at Kottayam and Kochi on buyer resistance. There has been no selling pressure in the market and the prices slipped amidst low volumes, sources said.

FUTURES SLIP

The December futures moved down to Rs.96.25 from Rs.97.08 a kg on MCX. On NMCE, the December futures declined to Rs.97.25 (97.76), January to Rs.98.80 (98.88), February to Rs.100 (100.31) and March to 101.90(102.15) per kg for RSS 4. Spot prices (Rs per kg) were: RSS-4: 94.50 (95) ; RSS-5 :91(91.50)

ungraded : 86.50 (87) ; ISNR 20: 89.50 (90.50) and latex 60% : 62.50 (63).

Source : Business Line