The Hindu Business Line : Rubber declines below Rs 60

SPOT rubber rates declined further on Tuesday. Sheet rubber RSS 4 broke the support level at Rs 60 to close at Rs 59.50, shedding 50 paise per kg against its previous closing on Saturday.

The fall in international rubber prices and the retreating monsoon rains dampened the sellers mood, while the tyre sector continued to stay away from the main marketing centres.

All major grades ended in red as buyers kept a low profile. According to an analyst, the close below Rs 60 indicates the technical and fundamental weakness of the market and the prices might seek further lows unless there is a strong recovery in global indices.

The NMCE rubber futures stayed weak quoting the September contract at Rs 59.80 (Rs 60.62), October contract at Rs 57.98 (Rs 58.55) and November at Rs 57.34 (Rs 57.58) per kg for RSS 4.

At TOCOM, the September futures for RSS 3 slipped to 161.7 yen from 164.2 yen a kg on Monday. The same grade lost sharply to Rs 68.00 against Rs 70.67 a kg at Bangkok.

The physical rubber prices per kg were RSS-4: Rs 59.50 (Rs 60); RSS-5:Rs 55.50 (Rs 56); ungraded: Rs 53.50 (Rs 54.25); ISNR 20: Rs 55 (Rs 56) and latex 60%: Rs 38 (Rs 38.50).

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