Agri Business

Fresh buying, short covering boost rubber

Our Correspondent Kottayam | Updated on August 06, 2021

Traders expect sheet rubber to hit ₹180 per kg next week

Spot rubber ended the session in green on Friday. RSS-4 improved to ₹175 (173) per kg, according to traders. The grade firmed up to ₹174 (173) and ₹169 (168) respectively, as per the Rubber Board and dealers.

The market continued to remain bullish on fresh buying and short covering as traders were expecting a better opening on Monday. “We expect sheet rubber to hit ₹180 a kg next week”, they said.

Since most of the States have either lifted or eased the lockdowns and restrictions on achieving a sharp decline in the virus spread by the end of June, the country’s rubber goods manufacturing sector is anticipated to rebound in the remaining months of the year unless the pandemic takes another wave, said the Association of Natural Rubber Producing Countries (ANRPC).

The most active August delivery was up 1.49 per cent from Thursday’s settlement price to close at ₹179 per kg with a volume of 33 lots on the Multi Commodity Exchange (MCX).

RSS-3 (spot) improved to ₹137.80 (136.40) per kg at Bangkok. SMR 20 firmed up to ₹128.18 (125.76) and Latex to ₹92.47 (90.88) per kg at Kuala Lumpur.

The natural rubber contract for the September delivery was up 1.43 per cent from previous day’s settlement price to close at 13,645 Yuan (₹156,362.17) a tonne with a volume of 238,576 lots in day time trading on Shanghai Futures Exchange (ShFE).

The forward January 2022 delivery was up 1.5 per cent from last day’s settlement price at ¥223.2 (₹150.69) per kg with a volume of 631 lots on the Osaka Exchange, Japan.

Spot rubber rates (₹/kg) were: RSS-4:175 (173); RSS-5: 172 (171); ISNR20: 161 (160) and Latex (60% drc): 130 (129).

Published on August 06, 2021

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