Commodities

Spot rubber rebounds on short covering

Aravindan Kottayam | Updated on February 02, 2011




Spot rubber bounced back on Tuesday. Prices gained further catalysed by the sharp come back on the National Multi Commodity Exchange. Prices are likely to edge higher this week as bargain hunting driven by lower supplies and strong world markets are seen supporting, dealers said. The wide difference between local and international prices is tempting farmers to hold their produce. Certain tyre manufactures bought actively.

According to market circles, sheet rubber improved to Rs 228 (222.50) a kg on fresh buying and short covering. The grade increased to Rs 226.50 (223.50) a kg both at Kottayam and Kochi, as reported by the Rubber Board.

Futures gain

In futures, the February series flared up to Rs 232.00 (224.86), March to Rs 236.90 (228.88), April to Rs 246.65 (238.56) and May to Rs 253.00 (245.69) a kg for RSS 4 on the NMCE.

RSS 3 firmed up at its February futures to ¥480.5 (Rs 269.18) from ¥478.4 a kg on the Tokyo Commodity Exchange. The grade (spot) finished higher at Rs 265.21 (262.64) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 228 (222.50); RSS-5: 219 (216); ungraded: 214 (210.50); ISNR 20: 222 (220) and latex 60 per cent: 150 (149).

Published on February 02, 2011

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