Agri Business

Sheet rubber declines on buyer resistance

Aravindan Kottayam | Updated on February 24, 2011

Domestic rubber prices continued to remain under pressure on Thursday. In spot, prices dropped further on buyer resistance amidst selling from dealers and growers. According to sources, the market seemed to be experiencing a visible improvement in arrivals as the prices began to slip beyond expectations. Scattered rain during the past couple of days prompted growers to sell at least a part of their stocks expecting extended tapping days.

Sheet rubber declined to Rs 225 (230) a kg, according to dealers. It closed weak at Rs 228 (231) a kg, as reported by the Rubber Board.

In futures, the March series surrendered to Rs 219.80 (228.95), April to Rs 229.51 (239.07), May to Rs 235.26 (245.06), June to Rs 241.27 (251.32) and July to Rs 241.92 (252.00) a kg for RSS 4 on the National Multi Commodity Exchange.

The volumes totalled 21384 lots and open interest 11494 lots. The turnover was Rs 486.94 crores.

RSS 3 (spot) slipped further to Rs 288.02 (289.31) a kg at Bangkok. The March futures for the grade inched up to ¥515 (Rs 286.25) from ¥514.4 during the day session but then remained inactive in the night session on the Tokyo Commodity Exchange.

Spot rates were (Rs/kg): RSS-4: 225 (230); RSS-5: 222 (225); ungraded: 218 (220); ISNR 20: 227 (230) and latex 60 per cent: 143 (145).

Published on February 24, 2011

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