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The physical rubber prices continued to explore new highs on Friday. The market opened better and moved up further following the early gains on the NMCE. But the late declines in futures kept it under pressure during closing hours pruning the gains partially on buyer resistance.
Sheet rubber concluded at Rs 240 (239.50) a kg after hitting an intraday high of Rs 241 a kg in the morning session. The grade increased to Rs 240.50 (240) a kg both at Kottayam and Kochi according to Rubber Board.
The gap between domestic and international prices has made imports impossible for tyre companies. International rubber prices jumped up from Rs 226.39 a kg in the first week of January to Rs 291.14 a kg on last Thursday, an appreciation of 29 per cent. Domestic prices touched Rs 240 a kg, a 16 per cent rise during the same period. Indian prices are still lower by Rs 51 a kg and hence attractive at these levels.
The March series slipped to Rs 244.80 (246.07), April to Rs 254.75 (255.88), May to Rs 260.05 (261.62) and June to Rs 264 (265.02) while the July series finished the debut trading session at Rs 265 a kg for RSS 4 on the National Multi Commodity Exchange (NMCE). .
The February futures for RSS 3 increased to ¥544.2 (Rs 295.27) from ¥540 a kg during the day session but then fell back to ¥540 (Rs 292.99) in the night session on the Tokyo Commodity Exchange (TOCOM).
Spot rates were (Rs/kg): RSS-4: 240 (239.50); RSS-5: 231 (229.50); ungraded: 228 (226); ISNR 20: 239 (238) and latex 60 per cent: 149 (149).
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