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Spot rubber resumed its upward journey on Monday. RSS-4 closed firm at ₹172 (171.50) per kg after hitting an intra-day high of ₹173 as reported by the traders.
The grade improved to ₹171.50 (171) and ₹166.50 (166) per kg, respectively, according to Rubber Board and dealers. The market made all-round gains on fresh buying and short covering but the overall volumes were low.
“Though the buyers were visibly active in the market throughout the day, they could not procure the minimum desired quantity to fulfil their early commitments,” an observer said. “ I expect sheet rubber to hit ₹175 a kg this week due to fundamental and technical reasons,” he added.
The IMF has downscaled economic growth outlook of India by 3.0 percentage points for 2021. The downscaling largely reflects the lockdowns and restrictions imposed in the country until June. By the end of June, most of the States have either lifted or eased the restrictions on achieving sharp decline in the virus spread. As a result, businesses and manufacturing activities have resumed in most of the States. The country’s rubber goods manufacturing sector is anticipated to rebound in the remaining months of the year unless the pandemic takes another wave, said the Association of Natural Rubber Producing Countries (ANRPC).
The front month August delivery was up 0.39 per cent from Friday’s settlement price to close at ₹174.99 per kg with a volume of 10 lots on the Multi Commodity Exchange (MCX).
RSS-3 (spot) slid to ₹136.14 (136.23) per kg at Bangkok. SMR 20 declined to ₹125.71 (126.91), while Latex firmed up to ₹90.19 (88.97) per kg at Kuala Lumpur.
The natural rubber contract for the September delivery was up 0.59 per cent from previous day’s settlement price to close at 13,510 Yuan (₹155,448.75) a tonne with a volume of 304,948 lots in day time trading on Shanghai Futures Exchange (ShFE).
The most active January 2022 delivery was down 0.05 per cent from last day’s settlement price and closed at ¥217.5 (₹147.65) per kg with a volume of 95 lots on the Osaka Exchange, Japan.
Spot rubber rates (₹/kg): RSS-4:172 (171.50); RSS-5: 169.50 (169); ISNR20: 158 (156.50) and Latex (60% drc): 127.50 (127).
Online training in inter-cropping
The Rubber Training Institute is organising an online training programme in ‘Intercropping in Rubber Plantations’ on August 10. The training will be from 10.30 am to 12.30 pm and the medium of instruction is Malayalam. For further details, contact 0481-2353127 or WhatsApp 7994650941.
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