Agri Business

Spot rubber improves on covering buys

Aravindan Kottayam | Updated on March 10, 2011 Published on March 10, 2011




Spot rubber improved on Thursday. The market strengthened following the initial gains in futures on covering purchases and it managed to sustain at higher levels lacking quantity sellers in the active counters. So the late declines on the NMCE did not make any visible impact in the market. But it lost charm towards the closing hours and hence the gains were partially restricted on buyer resistance. The trend was mixed.

Sheet rubber improved to Rs 219 (216.50) a kg according to traders. The grade recovered to Rs 218 (216) a kg both at Kottayam and Kochi as quoted by the Rubber Board.

Futures

The March futures for RSS 4 declined to Rs 215.70 (219.90), April to Rs 223.39 (227.29), May to Rs 227.50 (232.41), June to Rs 232.74 (236) and July to Rs 234.50 (237.73) a kg on the National Multi Commodity Exchange (NMCE).

RSS 3 (spot) weakened to Rs 244.92 (248.59) a kg at Bangkok. The March futures for the grade slipped to ¥446.9 (Rs 243.33) from ¥447 a kg during the day session but then remained inactive in the night session on the Tokyo Commodity Exchange (TOCOM).

Spot rates were (Rs/kg): RSS-4: 219 (216.50); RSS-5: 216 (214); ungraded: 213 (213); ISNR 20: 218 (214) and latex 60 per cent: 130 (130).

Published on March 10, 2011
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