The Hindu Business Line : Rubber firms up further

SPOT rubber prices firmed up further on Friday. Sheet rubber RSS 4 closed at Rs 67.75 a kg at Kottayam and Rs 68 a kg at Kochi against Rs 67 and 67.50 respectively on Thursday.

The covering groups and purchase agents were on their toes to procure the arrivals, as the overseas signals were extremely bullish. The weather conditions also favoured the market mood. The trend was mixed as ungraded rubber lost in the absence of north Indian and local demand while ISNR 20 and latex remained unchanged lacking export enquiries.

RSS 5 improved indicating the presence of major manufacturers on the grade and traders expected the market to explore further highs since sheet rubber breached the technical resistance at Rs 67.50 which is the all-time high recorded in the history of domestic rubber.

NMCE rubber futures turned better following another upswing in TOCOM closing. The August contract was quoted at Rs 67.39 (66.14), September at Rs 64.19 (63.10), October at Rs 61.15 (60.33) and November contract at Rs 59.99 (59.15) per kg for RSS 4. The trading volumes improved sharply to 1,498 lots - 1,013 lots in August, 403 lots in September, 70 lots in October and 12 lots in November till mid session.

The August futures for RSS 3 improved to 204.8 yen against 201.5 yen at TOCOM.

The spot rubber prices per kg are: RSS-4: Rs 67.75 (67); RSS-5: Rs 65 (64.50); ungraded: Rs 60.50 (61); ISNR 20: Rs 60 (60); and latex 60%: Rs 41 (Rs 41).

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