Physical rubber prices remained steady on Monday. Growers are likely to hold the stocks expecting a moderate recovery in the short run since the domestic natural rubber (NR) prices have fallen below the global levels.
According to sources, chances for an immediate increase in demand are also quite remote as the tyre makers seem to be comfortable with their imports.
Sheet rubber finished unchanged at Rs 163.00 a kg both at Kottayam and Kochi, according to traders and the Rubber Board.
Meanwhile, the key TOCOM rubber futures hit a seven-month high as the yen slumped against the dollar following a landslide victory of the Liberal Democratic Party in Japanese general elections on Sunday.
In futures, the January series closed at Rs 166.30 (Rs 165.96); February at Rs 168.50 (Rs 168.43); and March at Rs 171.20 (Rs 170.81) while the April and May series remained inactive on the National Multi Commodity Exchange (NMCE).
RSS 3 (spot) flared up to Rs 170.12 (Rs 166.99) at Bangkok.
December futures increased sharply to ¥267.2 (Rs 174.83) from ¥260.4 during the day session but then slid to ¥267.1 (Rs 174.74) in the night session on TOCOM.
The spot rubber rates Rs/kg as follows: RSS-4: 163.00 (163.00); RSS-5: 157.00 (157.00); Ungraded: 152.00 (152.00); ISNR 20: 152.00 (152.00) and Latex 60%: 106.00 (106.00).
Keywords: Rubber rates