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The domestic rubber prices improved on Monday. In spot, RSS 4 firmed up to Rs 131.00 (130.50) per kg according to traders and the Rubber Board. The grade was quoted marginally higher at Rs 127.00 (126.50) per kg by Dealers. The commodity regained strength on covering purchases at lower levels while the trend continued to remain mixed amidst below average volumes.
In futures, the December contracts firmed up to Rs 134.99 (133.74) and January to Rs 135.67 (135.29) per kg while the February futures dropped to Rs 137.49 (137.60) per kg on the Indian Commodity Exchange (ICEX).
The ICEX rubber for January delivery has closed above Rs 135.50 and is likely to extend gains to 138.50 and even higher to 140.00 per kg in short term. On the downside, 135.50 and 134.50 should act as intermediate support levels. The fundamentals continue to remain strong and we prefer to maintain a bullish outlook on prices this week, said Akshay Agarwal, MD, Acumen Capital.
RSS 3 (spot) slid to Rs113.73 (113.99) per kg at Bangkok. The December futures improved to Rs 115.69 (113.94), January to Rs 115.56 (114.20) and February to Rs. 117.32 (116.64) per kg on the Tokyo Commodity Exchange (TOCOM).
Spot rubber rates (Rs/kg) were:
RSS-4: 131.00 (130.50)
RSS-5: 127.50 (127.50)
ISNR 20: 119.50 (119.50) and Latex (60% drc): 91.50 (91.50)
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