The Hindu Business Line : Buyers' resistance keeps rubber on leash

SPOT rubber prices turned steady on Wednesday. Though market circles indicated fears on shortage of rubber even during May, as latex production is low according to reports from plantations, strong buyer resistance prevented the prices from firming up further.

Tyre companies were reported to be buying at the prevailing levels. RSS 4 closed at Rs 59.50 a kg as on Tuesday.

The futures market was weak in the absence of trend-setting factors following continuous holidays in major international markets such as TOCOM and Osaka.

The May contract was quoted at Rs 59.46 (59.63), June at Rs 61.54 (61.40), July at Rs 62.12 (62.24), and August at Rs 61 (61.10) a kg for RSS 4.

The physical market rates per kg are as follows: RSS-4 59.50 (59.50), RSS-5 58.50 (58.50), ungraded 58.25 (58.25), ISNR 20 58 (58), and latex 60% 39.50 (39.50).

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