The Hindu Business Line : Rubber firms up on fresh buying

RUBBER prices moved up sharply on Wednesday. Fresh buying and short covering from the covering groups and speculators initiated the trend, while most of the dealers and growers seemed to be hesitant to sell at higher levels.

Exporters turned more active as RSS 3, the equivalent of Indian RSS 4 closed at Rs 69.09 against Rs 67.20 a kg at Bangkok. Sheet rubber closed at Rs 63.00 a kg. The major overseas indices were also extremely bullish.

The futures market was in tune with the global trend with July contract at Rs 63.19 (Rs 61.91), August contract at Rs 64.20 (Rs 63.30), September contract at Rs 61.30 (Rs 60.29) and October contract at Rs 59 (Rs 58.51) per kg for RSS 4.

The transactions were better at 1,292 lots with 404 lots in July, 719 lots in August, 125 lots in September and 44 lots in October till mid-session.

The physical rubber prices per kgwere RSS-4: Rs 63 (Rs 61.25); RSS-5: Rs 60 (Rs 59); ungraded: Rs 58 (Rs 57); ISNR 20: Rs 57.50 (Rs 56.50) and Latex 60%: Rs 40 (Rs 39).

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