The Hindu Business Line : Spot rubber gains on global cues

Kottayam, Aug. 21 The physical rubber prices scaled further highs on Tuesday. The market gained in tune with the overall mood in domestic and international futures, an observers said. Sheet rubber improved to Rs 86 a kg from 84 a kg at Kottayam and Kochi. Lingering rains were disrupting the tapping and the arrivals to the main marketing centres remained insufficient to make any negative impact over the price movements. The trend has been supported by the covering groups and there were no fresh quotes from the major manufacturers.

Futures firm

The rubber futures was strong in leading commodity exchanges as some of its monthly contracts broke the initial daily upward limit of 2 per cent followed by fresh buying and short covering. The near month September contract for RSS 4 moved up sharply to Rs 85.77 from Rs 83.56 a kg on MCX. The September contract for the grade flared up to Rs 85.91 (83.62), October to Rs 82.06 (81.18), November to Rs 81.70 (80.22) and December contract to Rs 81.30 (79.22) per kg on NMCE. RSS 3 improved at its September futures to 237.3 Yen (Rs 85.50) a kg from 235 Yen a kg at TOCOM. The grade was better by 95 paise at Rs 86.94 a kg at Bangkok.

Spot prices were (Rs/kg): RSS-4: 86 (84); RSS-5: 82.50 (81); ungraded: 80.50 (79); ISNR 20: 82.50 (81.25) and latex 60 per cent: 60.50 (60).