The Hindu Business Line : Spot rubber rules steady

Kottayam, Feb. 2 The physical rubber prices finished almost unchanged on Monday. The market opened on a firm note but declines in the domestic and international futures kept the prices under pressure later. Sheet rubber, the gainer of the day finished marginally higher at Rs 68.75 (68.50) a kg after hitting an intraday high at Rs 69 on early trades.

Futures weak

RSS 4 weakened at it February contract to Rs 69 (69.53), March at Rs 69.93 (70.46), April at Rs 71 (71.40) and May at Rs 72 (72.25) a kg on National Multi Commodity Exchange (NMCE).

Rubber futures on the Tokyo Commodity Exchange came under renewed selling pressure and slipped into the negative territory on Monday afternoon. Though the market was weighed down on long liquidation at the opening, covering purchases became active later amidst broad gains in oil and precious metals futures.

The market recovered most of the losses towards the morning close but selling became dominant once again in the afternoon. RSS 3 (spot) improved to Rs 72.95 (72.05) a kg at Bangkok. The February contract for the grade slipped to ¥128.5 (130.1) (Rs 70.58), March to ¥129.5 (131.3), April to ¥131.4 (132.9), May to ¥132.4 (135.3), June to ¥132.8 (136) and July to 134.6 (138.2) a kg on TOCOM.

Spot rates were (Rs/kg): RSS-4: 68.75 (68.50); RSS-5: 67.50 (67.50); ungraded: 66.50 (66.50); ISNR 20: 66.50 (66.50) and latex 60 per cent: 58.50 (58.50).

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