The Hindu Business Line : Spot rubber rules steady

The spot rubber market ruled steady on Wednesday. Though the selling from dealers and growers slowed down observing the positive indications from the international markets, the prices failed to firm up since there was no fresh buying from any major consuming sectors.

Sheet rubber closed unchanged at Rs 82 a kg as on Tuesday. According to an analyst, it would be too early to conclude that the market had hit its bottom. Hence, a cautious attitude is advised to avoid further causalities if the market fails to sustain at higher levels.

Futures mixed

The rubber futures showed a mixed trend on NMCE. Though TOCOM is said to be in a technical bounce back possibly on covering purchases, the domestic market seemed to miss the energy to follow the trend.

The September contract was traded at Rs 84 (Rs 83.92), October at Rs78.20 (Rs 78.50), November at Rs 77.50 (Rs 77.09) and December at Rs 78.60 (Rs 78.15) per kg for RSS 4. Per kg spot rubber prices were: RSS-4: Rs 82 (Rs 82); RSS-5: Rs 78 (Rs 78); ungraded: Rs 76 (Rs 76); ISNR 20: Rs 78 (Rs 78) and Latex 60 per cent: Rs 66.30 (Rs 66.30).

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