Agri Business

Spike in futures spreads to spot rubber

Aravindan Kottayam | Updated on February 17, 2011

RUBBER

Spot rubber reached another record level on Thursday. Bullish reports from the domestic and international futures coupled with a firm closing in Bangkok catalysed the day's sentiments. There were enquiries from the tyre sector and the market moved up also gaining strength from short supplies as farmers continued to hold the stocks in anticipation of higher realisation. There are chances that the domestic price could also overtake the international price, an official said.

Sheet rubber firmed up to Rs 239.50 (239) a kg according to dealers. The grade increased to Rs 240 (238.50) a kg both at Kottayam and Kochi as quoted by the Rubber Board.

The March series improved to Rs 246 (244.52), April to Rs 255.55 (253.96), May to Rs 261.62 (258.66) and June to Rs 265 (262.15) a kg for RSS 4 on the National Multi Commodity Exchange (NMCE).

The volumes totalled 16452 lots and open interest 12296 lots. The turnover was Rs 412.67 crores.

The February futures flared up to ¥540 (Rs 292.92) from ¥525 a kg during the day session but then remained inactive in the night session on the Tokyo Commodity Exchange (TOCOM). RSS 3 (spot) closed at Rs 291.14 (290.21) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 239.50 (239); RSS-5: 229.50 (228.50); ungraded: 226 (225); ISNR 20: 238 (236) and latex 60 per cent: 149 (149).

Published on February 17, 2011

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