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The physical rubber prices turned weak on Wednesday. The market slipped on buyer resistance reducing the gap between the domestic rubber futures on the NMCE. According to sources, there was selling from dealers but the volumes were dull. The trend was partially mixed as ISNR 20 remained flat and rather inactive.
Sheet rubber declined to Rs 235 (237) a kg according to dealers. The grade finished weak at Rs 235.50 (237) a kg both at Kottayam and Kochi as quoted by the Rubber Board.
As per reports, global demand for natural and synthetic rubber will enhance by about 40 per cent to 33.9 million tonnes in 2020 driven by consumption in India and China. The world consumption may be around 24.3 million tonnes in 2010, 15.3 per cent higher than 2009, and it is expected to gain another 6.3 per cent in 2011.
Futures recover
RSS 4 recovered at its February series to Rs 234.75 (231.35), March to Rs 240.15 (236.93), April to Rs 249.15 (245.39) and May to Rs 252.47 (248.95) a kg on the National Multi Commodity Exchange (NMCE).
The volumes totalled 17322 lots and open interest 13665 lots. The turnover was Rs 415.39 crores.
RSS 3 (spot) firmed up further to Rs 278.08 (275.61) a kg at Bangkok. The February futures for RSS 3 improved to ¥507.5 (Rs 279.49) from ¥503 a kg during the day session and then to ¥512 (Rs 281.97) in the night session on then Tokyo Commodity Exchange (TOCOM).
Spot rates were (Rs/kg): RSS-4: 235 (237); RSS-5: 225 (227); ungraded: 220 (221); ISNR 20: 231 (231) and latex 60 per cent: 150 (152).
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