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Spot rubber continued to remain subdued on Wednesday. RSS 4 declined further to ₹136.00 (136.50) a kg, according to traders and the Rubber Board. The grade slid to ₹132.00 (132.50) a kg, according to the dealers.
Most traders were hesitant to enlarge their commitments following a weak closing on TOCOM futures. The trend was mixed as RSS 5, ISNR 20 and Latex finished flat in an almost inactive trading session.
In futures, the March contracts dropped to ₹135.93 (137.15), April fell to ₹138.92 (140.02) and May to ₹142.23 (143.98) per kg on the Indian Commodity Exchange (ICEX). The near month March contracts were down by 0.89 per cent with a volume of 289 lots and total trade value of 393.89 lakhs.
"We continue to maintain a bearish bias on prices. On the upside, a break above the resistance 13,700 could reverse the current short term trend and push prices to higher levels" said Akshay Agarwal, MD, Acumen Capital.
RSS 3 (spot) firmed up to ₹112.52 (112.52) per kg at Bangkok. The February futures weakened to ₹105.04 (107.31), March to ₹118.05 (118.58) and April ₹120.31 (121.12) per kg on the Tokyo Commodity Exchange (TOCOM).
Spot rubber rates (Rs/kg) were:
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