Agri Business

Fresh demand keeps rubber prices firm

Aravindan Kottayam | Updated on March 21, 2011

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Spot rubber made yet another firm closing on Monday. The sentiments were led by the sharp gains in Bangkok (spot) and the corresponding improvement in domestic futures. The market moved up on fresh buying and short covering but the gains were limited as major players stayed back keeping a low profile. According to sources most of them preferred to wait till the Japanese markets resume trading on Tuesday after the long weekend holidays.

Sheet rubber increased to Rs 224 (222) a kg according to traders. The grade closed at Rs 223 (222) a kg as quoted by the Rubber Board.

In futures, the April series bounced back to Rs 236.50 (229.13), May to Rs 243 (235.14), June to Rs 247.87 (241.36) and July to Rs 249.98 (243.25) a kg for RSS 4 on the National Multi Commodity Exchange (NMCE).

The volumes totalled 14,900 lots and open interest 7,668 lots. The turnover was Rs 351.22 crore.

RSS 3 (spot) recovered to Rs 241.34 (227.37) a kg at Bangkok. The Tokyo Commodity Exchange (TOCOM) remained closed owing to a substitute holiday for Vernal Equinox Day.

Spot rates were (Rs/kg): RSS-4: 224 (222); RSS-5: 220 (218); ungraded: 217 (215); ISNR 20: 219 (219) and latex 60 per cent: 120 (119).

Published on March 21, 2011

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