The Hindu Business Line : Firm trend in spot rubber rates

PHYSICAL rubber prices were steady and firm on Wednesday. Though the market showed signs of weakness towards Tuesday's closing, extremely bullish overseas reports initiated a strong opening on Wednesday.

According to sources, tyre companies were active in the main marketing centres and a leading manufacturer was even reported to be buying sheet rubber at Rs 58 a kg. The market indicator RSS 4 closed steady at Rs 57.50 a kg at Kottayam and improved to Rs 57.50 at Kochi from Rs 57 on Tuesday.

The NMCE showed a better trend led by the international indices. The September contract was quoted at Rs 59.21 (Rs 57.87), October contract at Rs 58.20 (Rs 56.74), November at Rs 57.55 (Rs 56.05) and December contract at Rs 57.94 (Rs 56.63) per kg for RSS 4. But the transactions were dull at 1,348 lots; with 734 lots in September, 477 lots in October, 58 lots in November and 79 lots in December till noon.

The September futures for RSS 3 improved sharply by 6 yen to 177.1 yen from 171.1 yen a kg at TOCOM. Spot rates a kg were: RSS-4: Rs 57.50 (Rs 57.50), RSS-5: Rs 54.50 (Rs 54.50), ungraded: Rs 53 (Rs 53), ISNR 20: Rs 54 (Rs 54) and latex 60%: Rs 38.50 (Rs 38.50).

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