Spot rubber rises further on global cues

| | Updated on: Jan 11, 2011

Physical rubber prices continued to explore new highs on Tuesday. Another all time high in Bangkok spot and corresponding gains in the domestic and international futures catalyzed the sentiments while the market made all-round gains on fresh buying and short covering.

The market may reach unpredictable levels if its fundamental and technical positions remain uninterrupted, an observer said. Though an improvement in production was reported from plantations, arrivals were low, he added.

Sheet rubber improved to Rs 217 (215) a kg as quoted by dealers. The grade closed firm at Rs 216.50 (214.50) a kg both at Kottayam and Kochi, according to Rubber Board.

Futures gain

The January series increased further to Rs 217.99 (214.87), February to Rs 226.48 (222.95), March to Rs 231.75 (227.91) and April to Rs 237.90 (234.05) a kg for RSS 4 on the National Multi Commodity Exchange.

RSS 3 (spot) flared up to Rs 242.87 (239.68) a kg at Bangkok. The January futures for the grade improved to ¥432.5 (Rs 235.20) from ¥429 a kg during the day session but then remained inactive in the night session on the Tokyo Commodity Exchange.

Spot rates were (Rs/kg): RSS-4: 217 (215); RSS-5: 206.50 (204.50); ungraded: 202 (200); ISNR 20: 213 (212) and latex 60 per cent: 149 (148).

Published on January 11, 2011

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