Buyer resistance saps rubber

Aravindan Kottayam | Updated on May 18, 2020

Spot rubber ended in red on Monday. RSS-4 declined to ₹114 (116) a kg, according to traders while it was quoted unchanged at ₹116 by the Rubber Board. “Only a few dealers were active in the market and it may take a couple of days for a clear trend to emerge and the volumes to improve,” an observer said.

Rubber futures on the ICEX continued to remain under pressure as spot prices made all-round declines on buyer resistance. The commodity is likely to explore further lows if the domestic and global trendsetters continue to rule weak amid Covid-19 fears, analysts said.

The June contracts slid to ₹112.14 (112.63) a kg on the Indian Commodity Exchange (ICEX). The contracts were down by 0.44 per cent with a volume of 103 lots and total trade value of ₹115.25 lakh.

RSS-3 (spot) firmed up to ₹104.69 (104.14) per kg at Bangkok. The May futures weakened to ₹98.15 (99.22) and June to ₹100 (100.64) a kg on the Tokyo Commodity Exchange. SMR20 dropped to ₹82.74 (82.89), while Latex 60 per cent improved to ₹76.31 (75.85) at Kuala Lumpur.

Spot rubber (₹/kg): RSS-4: 114 (116); RSS-5: 108 (110); ISNR 20: 106 (108) and Latex (60% drc): 77.50 (78.20).

Published on May 18, 2020

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