The Hindu Business Line : Japanese futures market recovery boosts rubber

THE domestic spot rubber prices bounced back on Friday. The covering groups and purchase agents turned aggressive, following a smart recovery in the Japanese futures markets.

Heavy overnight showers fuelled the trend further, while the news on acute shortage of the raw material kept the sellers on sidelines.

Since most of the traders sold their excess stocks at lower levels in the past couple of trading sessions, it was difficult to find out quantum sellers at better levels. RSS 4 flared up to Rs 69.50 from Rs 68 a kg.

All other grades moved up on fresh buying and short covering, ignoring the sharp decline in Bangkok spot rates.

The NMCE rubber futures continued to post moderate gains quoting the August delivery contract at Rs 69.91 (69.37), September at Rs 66.76 (66.29), October at Rs 63.35 (62.98) and November at Rs 61.85 (61.82) per kg for RSS 4.

The transactions totalled at 2,648 lots, trading 1,708 lots in August, 854 lots in September, 69 lots in October and 17 lots in November till noon.

The August futures for RSS 3 improved to 204.6 yen from 199.8 yen a kg at the Tokyo Commodity Exchange.

The spot prices per kg follow: RSS-4: Rs 69.50 (68), RSS-5: Rs 66 (65), ungraded: Rs 62 (61), ISNR 20: Rs 60 (59) and latex 60 per cent: Rs 41.50 (41).

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