The Hindu Business Line : Spot rubber prices gain

Kottayam, Oct. 21 Spot rubber was extremely bullish on Tuesday. The market gained strength following rumours on a move against selling the stocks below Rs 100 a kg for sheet rubber and another positive closing in international indices though there were no fresh enquires from the major consuming industries.

RSS 4 flared up to Rs 90 a kg from Rs 87 a kg on covering purchases. Sustained rains were also reported to be one of the reasons behind the current bullishness prevailing in the domestic market.

Futures slip

The rubber futures on the Tokyo Commodity Exchange ran out of steam on late trading, losing part of the hefty morning gains on renewed selling pressure. All five distant contacts from November to March hit the upper circuit following gains in oil futures on early trades. But the prices lost strength when selling became dominant in the afternoon session following oil futures’ retreat from the morning highs. The October contract for RSS 3 closed at ¥185.7 (Rs 90.12) against ¥180.5, November at ¥188.4 (181.6), December at ¥189 (182.9), January at ¥188.3 (182.9), February at ¥190.3 (183.1) and March at ¥192 (185.2) a kg on TOCOM. It improved to Rs 87.93 (84.20) a kg at Bangkok.

Spot rates were: RSS-4: 90 (87); RSS-5: 87.50 (84); ungraded: 85 (82); ISNR 20: 84 (80) and latex 60 per cent: 67.50 (67.50).

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