Commodities

Spot rubber zooms to Rs 235 a kg

Aravindan Kottayam | Updated on January 25, 2011 Published on January 25, 2011




Spot rubber changed hands at another record price on Friday. The market seemed to be following sharp gains on the Tokyo Commodity Exchange (TOCOM) and Bangkok, ignoring the marginal declines in domestic futures on the National Multi Commodity Exchange (NMCE). There were no quantity sellers or profit booking at higher levels even during closing hours and the prices ruled firm on fresh buying and short covering.

Among other reports, the key Tokyo and Shanghai rubber futures hit all-time highs as a weak yen against dollar triggered speculative buying while further gains were expected due to strong demand and short supplies.

Sheet rubber flared up to Rs 235 (229.50) a kg, according to dealers. The grade increased to Rs 234 (230) a kg as quoted by the Rubber Board.

FUTURES WEAKEN

RSS 4 weakened with February series slipping to Rs 238.02 (238.69), March to Rs 243.80 (244.81), April to Rs 252 (253.68) and May to Rs 258.32 (259.90) a kg for on the NMCE.

The January futures for RSS 3 improved to ¥476.8 (Rs 262.93) from ¥464.1 a kg during the day session but then slipped to ¥476 (Rs 262.49) in the night session on the TOCOM. The grade (spot) closed firm at Rs 261.87 (257.73) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 235 (229.50); RSS-5: 225 (223); ungraded: 220 (215); ISNR 20: 226 (224) and latex 60 per cent: 155 (155).

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Published on January 25, 2011
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