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Spot rubber turned weak on Wednesday. Declines in the domestic and international futures and other trend setting markets continued to put the pressure on the commodity. The trend was mixed.
The fall in natural rubber production and depreciating rupee were expected to provide support to the market at lower levels. However, lacklustre demand from tyre manufacturers and high imports may limit gains.
Sheet rubber dropped to Rs 193.50 (194) a kg, as quoted by the traders. The grade slipped to Rs 194 (194.25) a kg at Kottayam and Kochi, according to the Rubber Board.
RSS 4 weakened with the June contracts slipping to Rs 193.50 (196.49), July to Rs 196.48 (199.37), August to Rs 196.25 (199), September to Rs 195.80 (198.90) and October to Rs 197 (200) a kg on the National Multi Commodity Exchange.
RSS 3 (spot) declined to Rs 196.95 (198.56) a kg at Bangkok. The May futures slipped to ¥253 (Rs 171.09) from ¥256.2 a kg during the day session on the Tokyo Commodity Exchange.
Spot rates were (Rs/kg): RSS-4: 193.50 (194); RSS-5: 191.50 (192); ungraded: 189 (189); ISNR 20: 193 (193.50) and latex 60 per cent: 124 (124).
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