Agri Business

Profit booking saps spot rubber

Our Correspondent Kottayam | Updated on May 11, 2021

Lockdown curbs restrict demand and recovery process

The domestic rubber futures lost marginally on profit booking at higher levels following a sharp decline in Bangkok spot and shanghai rubber futures on Tuesday.

“Technically, rubber is expected to remain bullish as it has already broken a double top formation made earlier,” said B Rajashekharan, Managing Director, Shonima Investments. “However, the gains may be limited as lockdown restrictions can put cap on the demand growth as well as the recovery process,” he added.

The front month May delivery was down 0.41 per cent from Monday’s settlement price to close at ₹173.40 per kg with a volume of 22 lots on the Multi Commodity Exchange (MCX).

RSS 3 (spot) surrendered to ₹173.41 (174.65 ) per kg at Bangkok. SMR 20 declined to ₹125.54 (129.53) and Latex to ₹116.46 (118.09) per kg at Kuala Lumpur.

The most active natural rubber contract for September delivery was down 300 Yuan (₹3,425.53) from previous day’s settlement price to close at 14,245 Yuan (₹162,667.72) a tonne with a volume of 570,010 lots in day time trading on Shanghai Futures Exchange (ShFE).

Spot rubber prices were not available as the local trading houses remained closed due to the total lockdown implemented by the Kerala government to prevent the rapid surge of Covid-19 cases in the State.

Entrepreneurship programme

The Rubber Board is organising a one-day online training programme in entrepreneurship development in rubber sector on May 18. The training will be from 10 am to 1 pm. The training focuses on investment scope in sheet processing and rubber product manufacturing.

Fee for the training is ₹119 (including 18 per cent GST and 1 per cent flood cess) for Keralites having no GST registration and ₹118 for non-Keralites and Keralites having GST registration. The trainees can pay the fee directly to account No. 1450300184 of Central Bank of India (IFS Code-CBIN0284150) in favour of Director, Training, Rubber Board, Kottayam. For further details, contact on phone: 0481-2353127 or WhatsApp 04812353201. E-mail: training@rubberboard.org.in

Published on May 11, 2021

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