The Hindu Business Line : Spot rubber prices steady

Lacking follow up buying at higher levels, physical rubber prices closed steady on Thursday. Most of the players remained cautious on the assumption that the market might be volatile on unexpected turnarounds in the international markets.

RSS 4 closed unchanged at Rs 96 a kg both at Kottayam and Kochi as on Wednesday. The covering groups maintained the quotes in the absence of quantity offers either from dealers or growers though there were no enquires from the major consuming sectors.

The next target for domestic sheet rubber seems to be Rs 100.00 a kg as the international markets rule much above the same since last three days. But the possibility of hitting the century is reported to be remote in near term as the market is riding on thin volumes. According to sources from futures, delivery volumes are also expected be high in May.

Futures firm

The rubber futures surrendered on NMCE followed by profit booking and buyer resistance though the international markets ended in green. The May contract was quoted at Rs 95.00 (Rs 95.32) June contract at Rs 96.60 (Rs 97.07), July at Rs 96.65 (Rs 97.13) and August contract at Rs 94.82 (Rs 95.12) per kg for RSS 4.

Spot rates (Rs a kg) were: RSS-4: Rs 96 (Rs 96); RSS-5: Rs 94.50 (Rs 94.50); ungraded: Rs 93.00 (Rs 93.00); ISNR 20: Rs 93.25 (Rs 93.25) and latex 60 per cent (per litre): Rs 72 (Rs 72).