Physical rubber prices ruled firm despite a weak closing in domestic futures on Tuesday. The market surged ahead following the sharp gains in international markets. According to sources, buyers were on the toes to cover their positions expecting the bullish trend to continue in the days ahead.
Meanwhile, the key Tokyo rubber futures bounced back once again led by rising physical rubber prices in major producing countries and firm oil prices.
Sheet rubber closed firm at Rs 229 (224) a kg as quoted by the traders. The grade increased to Rs 228 (223) a kg both at Kottayam and Kochi according to Rubber Board.
The April series weakened to Rs 231.34 (236.85), May to Rs 237 (242.89), June to Rs 241.60 (248.11) and July to Rs 242 (249.86) a kg for RSS 4 on the National Multi Commodity Exchange (NMCE).
The volumes totalled 20714 lots and open interest 7980 lots. The turnover was Rs 490.66 crores.
RSS 3 (spot) increased sharply to Rs 251.76 (241.34) a kg at Bangkok. The March futures flared up to ¥440 (Rs 243.87) from ¥411 a kg during the day session and then to ¥449 (Rs 248.88) in the night session on the Tokyo Commodity Exchange (TOCOM).
Spot rates were (Rs/kg): RSS-4: 229 (224); RSS-5: 225 (220); ungraded: 222 (217); ISNR 20: 221 (219) and latex 60 per cent: 130 (120).
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