The Hindu Business Line : Spot rubber declines on global trend

Kottayam, June 29Spot rubber dropped against another bearish closing in the international front. The absence of genuine buyers and sustained selling from dealers combined to put pressure on the physical rubber prices like previous sessionsRSS 4, the sheet rubber surrendered to Rs 74 a kg from 75 a kg both at Kottayam and Kochi. According to sources, covering groups and purchase agents were rather inactive since the quotations from the tyre sector were much below the prevailing levels. The transactions were dull.But rubber turned better probably on speculative buying and short covering at lower levels in futures. On NMCE, the July contract improved to Rs 75.30 (75.03), August contract to Rs 76.00 (75.64), September contract to Rs 76.20 (75.84) and October contract to Rs 76 (75.92) per kg for RSS 4. The open interest was 6,327 (6,042) lots with 2,557 (2,616) lots in July, 2,235 (2,025) lots in August, 923 (888) lots in September and 612 (513) lots in October. The volumes totalled 3,099 ( 3,112) lots. The near month July contract finished firm at Rs 75.60 a kg against Rs 75.15 on MCX. RSS 3 slipped further at its July futures to 257.1Yen ( Rs 84.80) from 258.3 Yen a kg at TOCOM. Its spot declined to Rs 87.98 from Rs 89.14 a kg at Bangkok. Spot prices were (Rs/kg): RSS-4: 74 (75); RSS-5: 72.50 (73); ungraded: 70 (71); ISNR 20: 72 (72.50) and latex 60 per cent: 56.85 (56.85).