Agri Business

Rubber pares losses on covering buys

| | Updated on: Mar 15, 2011
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Domestic rubber prices improved on Tuesday. On the spot, the market moved up marginally on covering purchases at lower levels, following sharp gains on the National Multi Commodity Exchange (NMCE) and a late recovery on the Tokyo Commodity Exchange (TOCOM). Traders were mostly hesitant to enlarge their commitments as the impact of the global turmoil has not yet been completely analysed. According to observers, certain tyre companies were in the buyers queue but they kept a low profile.

Sheet rubber increased to Rs 187.50 (184) after hitting an intra-day low of Rs 180 a kg as quoted by the traders. The grade firmed up to Rs 187 (185) a kg both at Kottayam and Kochi, according to Rubber Board.

In futures, the March series improved to Rs 198.68 (191.04), April to Rs 205.70 (197.79), May to Rs 210.72 (202.62), June to Rs 216.50 (208.26) and July to Rs 218.02 (209.64) a kg for RSS 4 on the NMCE.

RSS 3 (spot) declined further to Rs 201.38 (223.74) a kg at Bangkok. The March futures for the grade nosedived to ¥361 (Rs 200.84) from ¥405 a kg during the day session but then recovered partially to ¥375.7 (Rs 209.04) in the night session on the TOCOM.

Spot rates were (Rs/kg): RSS-4: 187.50 (184); RSS-5: 184 (180); ungraded: 180 (175); ISNR 20: 183 (183) and latex 60 per cent: 115 (115).

Published on March 15, 2011

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