Spot rubber prices weaken

Print this page Posted on : 12-28-2007 by recycleinme.com

Spot rubber weakened lacking follow-up support from the consuming sector. Though RSS 3 (spot) improved to Rs.102.90 (101.70) a kg at Bangkok, it failed to cheer the domestic sentiments. The grade closed marginally better at ¥294.6 (Rs.101.67) against ¥294.5 a kg at its January futures but all its distant contracts slipped to the negative zone at TOCOM.

In spot, sheet rubber fell back to Rs.94 from Rs.94.50 a kg at Kottayam on buyer resistance. The grade continued to rule flat at Rs.94 a kg at Kochi. According to sources major manufacturers sidelined the market as they were hesitant to enhance the quotes above current rates.

FUTURES SLIP

The February contracts retreated to $s.97.91 from Rs.98.35 a kg on MCX. On NMCE, the January futures moved down to Rs.96.06 (97.03). February to Rs.97.36 (98.72), March to Rs.99.15 (100.58), and April to Rs.101.21 (102.21) per kg for RSS 4.

Spot prices were (Rs./kg): RSS-4: 94 (94.50); RSS-5: 92 (92.50); ungraded : 90 (91.50); ISNR 20: 91 (91) and latex 60 per cent : 61.50 (61.50).

Source : Business Line