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Spot rubber weakened further on Friday. Sharp declines in the Japanese futures and the absence of genuine buyers in the domestic scene kept the traders under pressure during the day. Marginal recovery on the NMCE failed to strengthen the sentiments since the near month May series ruled below the prevailing price in the physical market.
Sheet rubber moved down to Rs 226.50 (227.50) a kg according to traders. The grade dropped to Rs 227 (230) a kg both at Kottayam and Kochi as per Rubber Board.
In futures, RSS 4 recovered partially at its May series to Rs 224.60 (221.53), June to Rs 231.60 (227.04), July to Rs 234.60 (230.30), August to Rs 233 (227.40) and September to Rs 229 (224.85) a kg for on the National Multi Commodity Exchange (NMCE).
The Key Tokyo rubber futures plunged to touch the lowest level in almost two months. “It was not only the weaker oil prices and other falling commodities that dragged TOCOM down, but also the strengthening Japanese yen that triggered stop-loss selling on rubber futures,” an analyst said.
The May futures nosedived to ¥403 (Rs 224.40) from ¥427 a kg for RSS 3 during the day session but then remained inactive in the night session on the Tokyo Commodity Exchange (TOCOM). RSS 3 (spot) closed at Rs 236.27 a kg at Bangkok. Spot rates were (Rs/kg): RSS-4: 226.50 (227.50); RSS-5: 225 (225.50); ungraded: 219 (221.50); ISNR 20: 219 (220) and latex 60 per cent: 139 (141).
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