Buyer resistance saps rubber

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).