The Hindu Business Line : Tocom gains lift spot rubber prices

Kottayam May 16 Rubber prices surged ahead led by the sharp gains in TOCOM. The Japanese trendsetter hit the upper circuit in all its distant contracts triggering a buying spree in the domestic scene.

In spot, the bull run was further supported by the news on declining arrivals in village markets and the spurt in domestic futures. RSS 4 improved to Rs 87.50 and Rs 88 a kg from Rs 85.25 and Rs 85.50 respectively at Kottayam and Kochi. Covering groups lifted the prices to attract revised quotes from the major consuming sector.

Futures recover

On NMCE, the rubber futures made a smart recovery quoting the June contract at Rs 90.27 (88.04), July at Rs 92.31 (90.01) and August at Rs 92.50 (90.49), while the September contract finished its debut session at Rs 90.11 a kg for RSS 4. There was some profit booking which pruned the gains partially at higher levels, sources said.

The June contract settled higher at Rs 90.05 against Rs 88.02 a kg (223 lots) on MCX.

The June futures for RSS 3 rose by the daily limit 10 Yen to 283.4 Yen (Rs 96.19) a kg at TOCOM. The grade's spot slipped by 7 paise to Rs 94.55 a kg at Bangkok.

Physical prices were (Rs/kg): RSS-4: 87.50 (85.25); RSS-5: 86 (84.50); ungraded: 85 (83.25); ISNR 20: 86.25 (84) and latex 60 per cent: 63.15 (63.15).