Spot rubber ruled almost steady on Friday. Though the international indices were bullish, unexpected weakness in the domestic futures took the steam out and the local market lost its direction on buyer resistance.
The trend was partially mixed as ISNR 20 improved marginally on better demand.
Meanwhile, the Tokyo rubber futures gained more than three per cent during their first trading day in 2013 tracking the yen’s sharp decline against the dollar.
The trend setter ended 2012 with a 15 per cent gain following a weaker yen, higher stock markets and speculation over Chinese volumes on early this year.
Sheet rubber closed unchanged at Rs 164 a kg, according to traders. The grade was flat at Rs 163.00 at Kottayam and Kochi, according to the Rubber Board.
The January series dropped to Rs 165.81 (Rs 167.95), February Rs 168.55 (Rs 170.68) March Rs 171.50 (Rs 173.51), April Rs 174.90 (Rs 175.34) and May Rs 178.06 (Rs 178.63) while the June series remained inactive on the National Multi Commodity Exchange.
RSS 3 (spot) increased to Rs 183.40 (Rs 180.45) a kg at Bangkok. The January futures improved to ¥294.5 (Rs 183.79) from ¥288.8 during the day session and then to ¥296.4 (Rs 184.96) in the night session on Tokyo Commodity Exchange.
Physical rubber rates Rs/kg were: RSS-4: 164.00 (164.00); RSS-5: 158.00 (158.00); Ungraded: 154.00 (154.00); ISNR 20: 154.00 (153.00) and Latex 60%: 108.00 (108.00).