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Spot rubber was steady on Thursday. RSS4 finished flat at ₹160.00/kg according to traders and the Rubber Board. The grade was quoted unchanged at ₹156.00/kg by dealers.
The market was in a holiday mood on account of ‘Prophet’s Birthday’ but lost its direction possibly following a weak closing in global trendsetters.
As per reports, the volume of import of NR was up 5.8 per cent year-on-year in China during the first eight months of 2020 (Jan-Aug) as rubber-based manufacturing in the country restored momentum ridden by policy-led economic recovery and the turnaround in the domestic auto sales.
China has scaled up its anticipated volume of import during 2020 to 5.137 million tonnes from 4.946 million tonnes reported a couple of months ago. The revised outlook shows that China is anticipated to import 1.6 per cent more volume of NR in 2020 compared to the volume imported in the previous year.
Natural rubber futures closed weak in day time trading on Shanghai Futures Exchange (SHFE). The near month November delivery was down by 230 Yuan (₹2,548.36) to close at 14,615 yuan (₹161,931.50) a tonne. RSS 3 (spot) declined to ₹199.69 (201.56) per kg at Bangkok.
Spot rubber rates (Rs/kg) were: RSS4:160.00 (160.00); RSS5: 156.00 (156.00); ISNR20: 130.00 (130.00) and Latex (60% drc): 113.00 (113.00).
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