The Hindu Business Line : Spot rubber down on global cues

The market seemed to be reacting closely to the continuous declines in the international markets. RSS 4 moved down to Rs 66 from Rs 67 a kg as covering groups remained inactive expecting further fall in prices.

There were no fresh quotes from major manufacturers but it was rumoured that some among them bought sheet rubber at lower levels.

The trend was mixed.

Futures plunge

Rubber futures on the Tokyo Commodity Exchange fell deeper into minus territory on heavy long liquidation during Tuesday afternoon. Bulls’ selling was dominant from opening amidst sharp declines in oil and precious metals futures.

The market regained the early losses partially on covering purchases towards the fag end of the session.

The December futures for RSS 3 declined to ¥105 (Rs 56.56) from ¥114, January to ¥107.4 (115.6), February to ¥109.9 (117.7), March to ¥111.7 (119.7), April to ¥113.1 (121.7) and May to ¥116.6 (124.2) a kg at TOCOM. RSS 3 (spot) closed at Rs 70.16 against Rs 74.75 a kg at Bangkok.

Spot rates were: RSS-4: 66 (67); RSS-5: 64 (64); ungraded: 62 (63); ISNR 20: 63.50 (63.50) and latex 60 per cent: 47.50 (48).

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