Agri Business

Traders expect sheet rubber to cross ₹170/kg

Our Correspondent Kottayam | Updated on February 25, 2021

Spot rubber ended in a bullish note on Thursday. The market opened weak but recovered steadily tracking the sharp gains in overseas trendsetters, mainly Bangkok spot prices. RSS4 improved to ₹161 (160) per kg, according to traders and the Rubber Board. The grade firmed up to ₹157 (156) a kg as per dealers.

“We expect sheet rubber to cross ₹ 170 soon”, traders said. According to observers, certain tyre companies were buyers on the grade but they preferred to keep a low profile possibly to avoid a sharp rise in prices.

In futures, the natural rubber contract for February delivery closed higher at ₹164 (162) per kg on the Multi Commodity Exchange (MCX).

RSS 3 (spot) bounced back to ₹ 179.90 (175.81) per kg at Bangkok. SMR 20 flared up to ₹ 138.16 (129.61) and Latex to ₹ 123.57 (116.94) per kg at Kuala Lumpur.

The most active natural rubber contract for May delivery was up 5.6%from previous day’s settlement price to close at 16,955 Yuan (₹190,605.67) a tonne in day time trading on Shanghai Futures Exchange (ShFE).

Spot rubber rates (₹/kg): RSS 4:161 (160); RSS 5: 156 (155); ISNR20: 150 (149) and Latex (60% drc): 125.50 (122.50).

Published on February 25, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like