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The physical rubber prices turned weak on Friday. The undercurrent was bearish in the absence of genuine buyers though there has been no visible selling pressure in the market. According to observers, the market might continue to remain sluggish with minor variations on either side till the end of the current fiscal. The trend was mixed.
The Tokyo rubber futures fell on heavy long liquidation by investment funds since it failed to break above the key resistance of ¥440 but the prices were partially supported by tight supplies on late trades.
Sheet rubber weakened to Rs 226 (228) a kg as quoted by the traders. The grade moved down to Rs 226.50 (227.50) a kg both at Kottayam and Kochi according to Rubber Board.
The April series increased to Rs 227.80 (223.54), May to Rs 233.69 (229.45), June to Rs 239.50 (235.34) and July to Rs 239.80 (237.18) a kg for RSS 4 on the National Multi Commodity Exchange (NMCE).
RSS 3 (spot) slipped to Rs 258.90 (260.37) a kg at Bangkok. The March futures expired at ¥453.8 (Rs 249.36) a kg while the April futures declined to ¥433 (Rs 237.93) from ¥442.5 during the day session and then improved to ¥439.5 (Rs 241.50) a kg in the night session on the Tokyo Commodity Exchange (TOCOM).
Spot prices were (Rs/kg): RSS-4: 226 (228); RSS-5: 223 (224); ungraded: 219 (221); ISNR 20: 222 (222) and latex 60 per cent: 132 (130).
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