Agri Business

Selling pressure squeezes spot rubber

Aravindan Kottayam | Updated on March 09, 2011 Published on March 09, 2011

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Physical rubber prices continued to remain under pressure on Wednesday. The market opened weak and fell further on selling from dealers and growers following the declines in domestic futures on early trades. But it failed to regain the losses fully in tune with the late recovery on the NMCE. According to sources, there were no buyers on RSS 4 at lower levels and the grade hit Rs 215 a kg in the morning session.

Sheet rubber surrendered to Rs 216.50 (220) a kg according to traders. The grade weakened to Rs 216 (222) a kg both at Kottayam and Kochi as reported by the Rubber Board.

In futures, the March series recovered to Rs 219.70 (213.66), April to Rs 227.31 (220.89), May to Rs 232.56 (225.03), June to Rs 236.49 (227.88) and July to Rs 237.90 (228.87) a kg for RSS 4 on the National Multi Commodity Exchange (NMCE).

RSS 3 (spot) nosedived to Rs 248.59 (263.39) a kg at Bangkok. The March futures declined to ?447 (Rs 242.87) from ?462 during the day session and then to ?444 (Rs 241.24) a kg in the night session on the Tokyo Commodity Exchange (TOCOM).

Spot rates were (Rs/kg): RSS-4: 216.50 (220); RSS-5: 214 (217); ungraded: 213 (215); ISNR 20: 214 (218) and latex 60 per cent: 130 (133).

Published on March 09, 2011
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