The Hindu Business Line : Spot rubber prices improve

Kottayam, May 16 Spot rubber improved creating yet another historic high on Friday. A bullish closing in global rubber prices helped the domestic market to regain strength and sheet rubber RSS 4 closed better at Rs 121 against Rs 120 a kg on Thursday. The market made all round gains as covering groups and purchase agents remained aggressive in the main marketing centres.

Supply concerns continued to haunt the traders as the inflow and production are said to be too low due to fundamental reasons. Since international prices ruled comfortably higher than the domestic rates, growers seemed to be more confident to hold the stocks to sell at much higher targets. We expect RSS 4 to cross Rs 125 a kg in the physical front soon, a grower told Business Line. Meanwhile certain major manufacturers were buyers on the grade up to Rs 120 a kg, sources said.

May futures firm

The May contract for RSS 3 firmed up to ¥318.4 (Rs 129.48) (316.7), June to ¥318 (316.4), July to ¥317.6 (317), August to ¥318.3 (316.7), September to ¥317.1 (316.5) and October to ¥318 (316.7) a kg at TOCOM. The grade (spot) moved up to Rs 128.06 (127.18) a kg at Bangkok.

Spot prices were (Rs/kg): RSS-4: 121 (120); RSS-5: 118.50 (118); Ungraded: 116 (115); ISNR 20: 117.50 (116.50) and latex 60%: 82.50 (82.50).

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