The Hindu Business Line : Rains fail to prop up rubber prices

The weekend witnessed a steady closing in physical rubber prices. The covering groups and purchase agents were hesitant to enhance their quotes since global prices ruled much below the domestic rates.Continuous rains during the past 24 hours failed to strengthen sheet rubber and it closed static at Rs 79 a kg at Kottayam and Kochi as on Friday.

Futures better

The rubber futures were better on Saturday.

The possibility of a short-term recovery in crude oil after stabilising around $55 might be one of the key factors behind the firm close, sources said.

The December contract for RSS 4 improved to Rs 78.50 (Rs 78.18) a kg registering 340 tonnes on MCX.

On NMCE, the December contract finished better at Rs 78.96 (Rs 78.22), January at Rs 79.80 (Rs 79.37), February at Rs 81.29 (Rs 80.75) and March at Rs 82.50 (Rs 82.05) per kg mostly on short covering at lower levels.

Open interest

The open interest in December was quoted at 2317 (2204) tonnes, January at 1688 (1079) tonnes, February at 914 (921) tonnes and March at 136 (96) tonnes, while the total volumes stood at 1,086 (1,521) tonnes on NMCE.

Spot prices

The spot prices per kg were: RSS-4: Rs 79 (Rs 79); RSS-5: Rs 77 (Rs 77); ungraded: Rs 74 (Rs 74); ISNR 20: Rs 77 (Rs 77); and latex 60 per cent: Rs 50.50 (Rs 50.50).

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