The Hindu Business Line : Spot rubber rules flat

Kottayam, Oct. 17 Rubber prices closed steady on Friday. The market appeared missing its direction as the domestic and international prices reached almost the same levels. RSS 4 closed unchanged at Rs 84 a kg as on Thursday.

There was no consumer support at the main marketing centres but marginal covering purchases and lingering monsoon rains kept the prices unchanged in a rather dull trading session. The volumes were low.

If the current showers prolong in October, the domestic price is likely to hover above Rs 80 but even if the rains subside by the first week of November and still there is drop in crude prices and the international prices do not become supportive, there are chances of correction again.

A section of the growers might hold the stocks awaiting better days ahead as they had the benefits when the prices ruled high, a leading rubber dealer told Business Line. As a result of this, even if there is moderate production arrivals to the market would be low. RSS 3 spot declined sharply by Rs 3.67 to Rs 84.45 (Rs 88.12) a kg at Bangkok.

Futures improve

In futures, the grade improved at its October contract to ¥167.2 (Rs 81.14) from ¥159.7, November to ¥165.6 (162.1), December to ¥166.9 (¥161.8), January to ¥166.9 (¥161.5), February to ¥167.1 (¥160.8) and March to ¥169.2 (¥162.1) a kg on TOCOM.

Spot prices were (Rs/kg): RSS-4: 84 (84); RSS-5: 81.50 (81.50); ungraded: 78 (78); ISNR 20: 79 (79) and latex 60 per cent: 67.50 (67.50).

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