The Hindu Business Line : Mixed trend in spot rubber prices

Another sharp decline in Japanese futures kept the domestic prices under pressure on Thursday. The December futures for RSS 3 fell by 8 Yen to 266.3 Yen (Rs 93.91) from 274.3 Yen a kg at TOCOM.

The trendsetter hit the lower circuit in all its distant contracts followed by heavy bull liquidation. Meanwhile, RSS 3 spot closed at Rs 98.62 against Rs 98.79 a kg at Bangkok.

The domestic spot rubber was in a mixed trend. RSS 4 finished flat at Rs 97 a kg at Kottayam, while the grade added 50 paise to reach the same level at Kochi. RSS 5 and ISNR 20 firmed up on covering purchases, while ungraded rubber slipped on buyer resistance.

According to observers, supply concerns held the market at the prevailing levels. Practically there was no rubber in the main marketing centres, they said.

The rubber futures ruled weak quoting the December contract for RSS 4 at Rs 97.40 from Rs 98.45 a kg on MCX. The November contract for the grade moved down to Rs 95.30 (Rs 97.11), December to Rs 97.30 (Rs 98.86), January to Rs 98.92 (Rs 100.77) and February to Rs 100.30 (Rs 102.05) per kg on NMCE. The per kg physical rubber prices were RSS-4 Rs 97 (Rs 97); RSS-5 Rs 95 (Rs 94); Ungraded Rs 90 (Rs 90.50); ISNR 20 Rs 93.50 (Rs 93) and Latex 60% Rs 64 (Rs 64).