Buyer resistance saps spot rubber

Our Correspondent Kottayam | Updated on September 03, 2021

User industries remained inactive expecting higher arrivals

Spot rubber closed weak on Friday. The commodity lost further ground on buyer resistance coupled with profit booking at higher levels. Major consuming industries continued to sideline the market expecting an improvement in arrivals since they were comfortable with their imports. The undercurrent was visibly bearish.

RSS-4 declined to ₹178.50 (179.50) and ₹179 (179.50) per kg respectively, according to traders and the Rubber Board. The grade dropped to ₹174 (174.50) per kg, according to dealers. The trend was partially mixed as ISNR20 closed unchanged with a drop in volumes.

In futures, the most active September delivery was down 1.33 per cent from Thursday’s settlement price to close at ₹176.30 per kg with a volume of 22 lots on the Multi Commodity Exchange (MCX).

The natural rubber contract for the September delivery was up 0.54 per cent from previous day’s settlement price to close at 12.88 Yuan (₹145.57) a kg with a volume of 1,784 lots in day time trading on Shanghai Futures Exchange (ShFE).

RSS-3 (spot) slid to ₹136.63 (136.89) per kg at Bangkok. SMR20 improved to ₹119.35 (118.78), while Latex dropped to ₹89.85 (90.78) per kg at Kuala Lumpur.

The October delivery was up 0.80 per cent from last days settlement price to close at ¥200.6 (₹132.88) per kg with a volume of 23 lots on the Osaka Exchange, Japan.

Spot rubber rates (₹/kg) RSS-4:178.50 (179.50); RSS-5: 177.50 (178); ISNR20: 168.50 (168.50) and Latex (60% drc): 128 (128.50).

Published on September 03, 2021

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