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Aravindan

Kottayam April 30 Spot rubber continued its downward journey on Monday. A bearish mood dominated the session in the absence of buyers amidst moderate offers from dealers and growers. Sheet rubber closed in red at Rs 83 and Rs 83.50 a kg against Rs 83.50 and Rs 84 a kg respectively at Kottayam and Kochi.

According to analysts, the weakness of dollar against Indian rupee was one of the major factors, which adversely influenced the domestic fundamentals. The phenomenon has made exports less profitable and imports cheaper.

Futures weak

The rubber futures followed suit quoting the May contract on MCX at Rs 84 a kg against Rs 84.36 for RSS 4.The grade's May contract fell to Rs 82.50 (82.79), June to Rs 84.75(85.64), July to Rs 86.90 (87.66) and August to Rs 87.70 (88.21) per kg on NMCE.

RSS 3 slipped by 15 paise to Rs 93.75 a kg from Rs 93.90 at Bangkok spot. TOCOM was closed on Monday.

Spot rubber prices were (Rs/kg): RSS-4: 83 (83.50); RSS-5: 82 (82.75); Ungraded: 81 (82); ISNR 20: 81.75 (82.75) and Latex 60 per cent: 62.60 (62.60).

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