The Hindu Business Line : Spot rubber gains on global cues

Kottayam, Dec. 5 The domestic rubber prices resumed their upward journey catalysed by a better closing in global futures. The January futures for RSS 3 bounced back to ¥256.4 (Rs 91.45) from ¥252.7 a kg at TOCOM. In spot, sheet rubber RSS 4 closed at Rs 93 against Rs 92 a kg both at Kottayam and Kochi. Covering groups and purchase agents kept the prices firm anticipating a short term up trend though major manufacturers were reluctant to enhance their previous quote on the grade which was much below at Rs 91 a kg, an observer said.

Futures gain

The rubber futures moved forward a little ahead on NMCE though the December contracts finished better at Rs 93.76 against Rs 93.35 a kg on MCX. The LTP for the December contract improved further on National Multi Commodity Exchange to Rs 95.11 (93.38), January to Rs 96.75 (95.14), February to Rs 98.26 (97.07) and March to Rs 100.36 (98.91) per kg for RSS 4. The open interest was 6,370 (5,905) tonnes. The trading volumes totalled 2,497 (2,084) tonnes. The outstanding positions were quoted at 1,551 (1,598) tonnes in December, 2,659 (2,405) tonnes in January, 1,668 (1,479) tonnes in February and 492 (423) tonnes in March.

Spot prices were (Rs/kg): RSS-4: 93 (92.50); RSS-5: 89 (88.50); ungraded: 85.50 (84); ISNR 20: 88 (87.50) and latex 60 per cent: 61 (61).