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Aravindan

The domestic market witnessed buyer resistance and moderate selling.

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Kottayam Feb. 28 An all-round decline was witnessed in domestic and international rubber prices on Wednesday. Heavy liquidation in long position on TOCOM in the wake of strengthening yen against the dollar and broad declines in other major commodity exchanges amidst simultaneous fall in stock markets around the world upset the mood of the day.

Sheet rubber moved down to Rs 94.50 a kg from Rs 95 and Rs 95.25 a kg respectively at Kottayam and Kochi on buyer resistance and moderate selling from dealers. The trend was mixed in the physical front.

The futures market fell further following the TOCOM guidance. On NMCE, the last traded price for March contract weakened to Rs 93.50 (94.37), April to Rs 98.16 (100.31), May to Rs 103.51(105.54) and June contract to Rs 107.20 (108.95) a kg for RSS 4. The volumes totalled 4,076 (3,247) tonnes and the open interest 16,597 (15,993) tonnes. The March contract for the grade finished at Rs 92 a kg from Rs 93.75 a kg on MCX.

The March futures for RSS 3 nose-dived to 260.2 yen (Rs 97.07) a kg from 273.5 yen at TOCOM. The grade closed at Rs 105.46 against Rs 106.86 a kg at Bangkok.

Spot prices were (Rs/kg): RSS-4: 94.50 (95); RSS-5: 92 (93); ungraded: 91 (91); ISNR 20: 90.50 (90.50) and latex 60 per cent: 63.15 (63.15).

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