Agri Business

Spot rubber improves on covering purchases

Aravindan Kottayam | Updated on February 16, 2011


The domestic rubber prices firmed up further on Wednesday. In spot, the market gained mainly on covering purchases and the trend was partially mixed. Among other reports, the benchmark Tokyo rubber futures fell, retreating from record high levels as a broad drop in commodities' markets prompted investors to book profits.

Sheet rubber moved up creating yet another all time high at Rs 239 (238) a kg amidst scattered transactions. The grade closed flat at Rs 238.50 a kg both at Kottayam and Kochi as reported by the Rubber Board.

In futures, RSS 4 improved at its March series to Rs 244.60 (240.55), April to Rs 254 (249.49), May to Rs 258.60 (254.29) while the June series finished the debut trading session at Rs 262.25 a kg on the National Multi Commodity Exchange (NMCE).

The volumes totalled 13504 lots and open interest 12548 lots. The turnover was Rs 332.89 crores.

RSS 3 declined at its February futures to ¥525 (Rs 285.74) from ¥532.1 a kg during the day session but then remained inactive in the night session on the Tokyo Commodity Exchange (TOCOM). The grade (spot) closed at Rs 290.21 (290.05) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 239 (238); RSS-5: 228.50 (228); ungraded: 225 (224); ISNR 20: 236 (235) and latex 60 per cent: 149 (149).

Published on February 16, 2011

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