Business Daily from THE HINDU group of publications
Friday, May 04, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, May 04, 2007 ePaper |
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Agri-Biz & Commodities
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Rubber Covering groups lift rubber prices Aravindan
Kottayam May 3 Spot rubber flared up on Thursday. Covering groups took initiative to lift the prices on positive overseas reports and the initial rise in domestic futures market. Eventually, the physical market failed to react in tandem with a late decline in futures. The Japanese markets would resume trading only on Monday and speculators seem to take advantage of the situation. Sheet rubber closed at Rs 85.50 and Rs 86.00 from Rs 84.00 and Rs 84.50 a kg respectively at Kottayam and Kochi. The grade was even traded at Rs 86.50 during the day, sources said.
Futures weaken
The rubber futures weakened towards close on bull liquidation and short selling though it was bullish early in the session. The May contract on NMCE moved down to Rs 85.00 (85.78), June to Rs 87.40 (88.34), July to Rs 89.00 (90.39) and August to Rs 90.26 (90.98) per kg for RSS 4, while the most active June contract fell to Rs 87.70 from Rs 88.14 a kg on MCX.
Open interest
The open interest totalled 10,126 (9,705) lots with 4,712 lots in May; 3,405 lots in June; 1,551 lots in July; and 458 lots in August. The volumes were 3,386 (2,674) lots on NMCE. RSS 3 finished better by 54 paise at Rs 94.94 a kg at Bangkok. Spot prices were (Rs/kg): RSS-4 85.50 (84.00); RSS-5 84.00 (83.00); ungraded 82.75 (81.50); ISNR 20 84.00 (82.50) and latex 60% 63.15 (63.15).
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