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Domestic rubber prices declined on Wednesday. In spot, the market slipped on buyer resistance following moderate losses on the National Multi Commodity Exchange (NMCE). International indices were also bearish and the markets seemed to be expecting further slip in prices.
Sheet rubber weakened to Rs 198 from Rs 198.50 a kg, according to traders and the Rubber Board.
Among other reports, the key TOCOM rubber futures moved down to a two-month low as investors reduced their exposure due to the uncertainty over global growth prospects ahead of the Chinese economic data to be announced on Friday.
In futures, the April series dropped to Rs 194.50 (195.41), May to Rs 200.49 (202.91), June to Rs 205.98 (208.09), July to Rs 207.50 (210.90) and August to Rs 203.52 (203.65) a kg for RSS 4 on the NMCE.
RSS 3 (spot) slipped to Rs 200.28 (201.45) a kg at Bangkok. The April futures for the grade declined from ¥307.4 a kg to ¥299.9 (Rs 191.23) in the night session on the Tokyo Commodity Exchange.
Spot rates were (Rs/kg): RSS-4: 198 (198.50); RSS-5: 196 (196.50); ungraded: 190 (192); ISNR 20: 196 (196.50) and latex 60 per cent: 128.50 (129).
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