The Hindu Business Line : Correction pulls down spot rubber

Kottayam, Aug. 1 A corrective phase in domestic futures put spot rubber under pressure on Wednesday. TOCOM, the global trend setter also moved down to the negative territory in late trading quoting its August futures at 257.7 Yen (Rs 88.26 ) a kg against 260.3 Yen a kg for RSS 3. The grade (spot) closed at Rs 88.75 a kg at Bangkok.

In the physical front, sheet rubber weakened by 50 paise to Rs 87.50 a kg both at Kottayam and Kochi. Major manufacturers were inactive and covering groups adopted a wait and watch policy while the market made all-round declines amidst low volumes, sources said.

Futures decline

The rubber futures opened in a firm note but lost its grip immediately following profit booking at higher levels. On NMCE, the August contract declined to Rs 87.47 (88.66), September to Rs 83.45 (84.50), October to Rs 81.60 (82.54) and November contract to Rs 81.07 (82.05) a kg for RSS 4. The August contract slipped to Rs 86.47 (86.75) a kg on MCX. Spot rubber prices were (Rs/kg): RSS-4: 87.50 (88); RSS-5: 86 (86.50); ungraded: 83 (84); ISNR 20: 86 (86.50) and latex 60 per cent: 60 (60).

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