Agri Business

Global cues sap spot rubber

Our Correspondent Kottayam | Updated on September 28, 2011


Domestic rubber prices ruled weak on Wednesday. It remained under pressure following sharp declines in international markets.

On the spot, sentiments were further dampened by another weak closing on the National Multi Commodity Exchange (NMCE).

However, as climatic conditions improved favouring tapping and production, more supplies are expected from major rubber-growing areas that may limit sharp gains during the season. The trend was partially mixed.

Sheet rubber dropped to Rs 209.50 (210) a kg, according to traders.

The grade slipped to Rs 210.50 (211) a kg both at Kottayam and Kochi, according to the Rubber Board.

In futures, the October series weakened to Rs. 210.10 (212.78), November to Rs. 207.00 (209.83), December to Rs. 207.49 (209.77), January to Rs. 208.50 (210.92) and February to Rs.209.05 (211.04) per kg for RSS 4 on the NMCE.

RSS 3 (spot) moved down to Rs 210.80 (214.54) a kg at Bangkok.

The October futures for the grade declined to ¥ 298.3 (Rs. 190.31) from ¥ 310.6 a kg during the day session but then recovered marginally to ¥ 300.8 (Rs. 191.91) a kg in the night session on Tokyo Commodity Exchange.

Spot rubber rates (Rs/kg) were: RSS-4: 209.50 (210); RSS-5: 207 (207); ungraded: 198 (198); ISNR 20: 206 (207); and Latex 60%: 132.50 (133).

Published on September 28, 2011

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