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Aravindan

Kottayam, March 24 Spot rubber surrendered gains on Monday. News on imports of tyres, increasing stock piles and a possible rise in production due to sustained summer rains kept the commodity under immense pressure throughout the session. According to sources, another major factor which influenced the market mood was the closing of the current financial year.

Moreover, a sharp fall in TOCOM while the domestic markets were on holidays during the last weekend triggered and catalysed the bear spell. RSS 4 declined to Rs 101.50 and Rs 102 respectively at Kottayam and Kochi from Rs 104 a kg on selling from dealers and growers.

The rubber futures nosedived hitting the daily downward limits on NMCE. The April futures fell to Rs 101.21 (104.33), May to Rs 103.10 (106.28), June to Rs 104.31 (107.53) and July futures to Rs 104.57 (107.80) per kg for RSS 4. The open interest stood at 4,011 (4,239) tonnes with 2,059 (2,277) tonnes in April, 1,179 (1,175) tonnes in May, 619 (645) tonnes in June and 154 (142) tonnes in July. The volumes improved to 1,761 (711) tonnes.

Spot prices were (Rs/kg): RSS-4: 101.50 (104); RSS-5: 100 (102); ungraded: 96.50 (99); ISNR 20: 98.50 (101.50) and latex 60 per cent: 69.50 (70.50).

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