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Aravindan

Kottayam, March 5 The domestic rubber prices turned extremely bullish on Wednesday. According to sources, the market reacted to domestic supply concerns as covering groups took charge to take advantage of the situation. There has been no fresh demand from the tyre sector but sheet rubber RSS 4 moved up to Rs 103 from Rs 102 a kg at Kottayam and Kochi even amidst a bearish closing in global indices. RSS 3 slipped by 32 paise to Rs 115.36 a kg at Bangkok.

The April futures for the grade fell to ¥295 (Rs 114.66) against ¥296.8 a kg at TOCOM. The April futures finished higher at Rs 105.90 (103.88) a kg on MCX. The March contract for RSS 4 improved to Rs 103.50 (101.72), April to Rs 106.21 (104.57), May to Rs 108.50 (106.41) and June contract to Rs 110 (108.58) per kg on NMCE. The volumes rose to 2,183 (1,262) tonnes trading 548 (358) tonnes in March, 1,099 (617) tonnes in April 311 (182) tonnes in May and 225 (105) tonnes in June. The open interest was 6,829 (6,776) tonnes with 3,448 (3,643) tonnes in March, 2,181 (2,060) tonnes in April, 734 (711) tonnes in May and 466 (362) tonnes in June.

Spot prices were (Rs/kg): RSS-4: 103 (102); RSS-5: 101 (100); ungraded: 99 (98); ISNR 20: 100 (99.75) and latex 60 per cent: 71 (70).

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