The Hindu Business Line : Rubber stagnates on absence of buyers

PHYSICAL rubber prices closed almost steady on Monday. After recording sharp gains on hectic buying from the covering groups and purchase agents on Saturday, the market appeared to be stagnated at higher levels in the absence of quantum buyers and sellers. RSS 4 closed steady at Rs 69 a kg at Kottayam but improved to Rs 69.50 from Rs 69 a kg at Kochi.

According to sources, the market is expecting domestic sheet rubber to cross Rs 80 a kg within a short time.

Most of the growers and dealers continued to hold the stock, inspired by the international markets and analysts. The trend remained mixed as ISNR 20 shed the gains on extremely low demand and latex closed flat as on Saturday.

Ungraded rubber also fell sharply as north Indian buyers preferred to stay on the sidelines.

The NMCE rubber futures maintained the better trend though TOCOM was slightly weak. The August contract was quoted at Rs 69.54 (68.87), September at Rs 66.50 (65.75), October at Rs 63.05 (62.49) and November contract at Rs 62.00 (61.03) per kg for RSS 4.

The volumes till noon totalled at 1,896 lots with 1,278 lots in August, 512 lots in September, 94 lots in October and 12 lots in November.

At Bangkok, RSS 3 closed at Rs 78.23 against Rs 75.71 a kg. At TOCOM, the August futures for RSS 3 declined marginally to 204.1 yen against 204.8 Yen on Friday.

The spot rubber prices per kg were: RSS-4: 69 (69), RSS-5: 66 (66), ungraded: 61 (62), ISNR 20: 60 (60.50) and latex 60%: 41 (41).

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