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Spot rubber continued to regain strength on Monday. The market made all-round gains on fresh enquiries coupled with short covering during the latter half of the trading session. The absence of global guidance as major overseas markets were on long holidays and an alarming increase in Covid-19 cases failed to make any impact on the commodity.
“The market is suffering from an acute shortage of the raw material and we expect it to cross ₹170 once again with in a couple of sessions”, a trader told BusinessLine . “Auto makers are also struggling with this pandemic induced shortage of rubber, and may prefer to remain buyers until they feel comfortable with their stock piles.”
RSS4 improved to ₹168 (167) per kg, according to traders and the Rubber Board. The grade was quoted firm at ₹163 (162) by dealers.
In futures, the front month May delivery was down 0.56% from Friday’s settlement price to close at ₹167.41 per kg for RSS4 with a volume of 23 lots on the Multi Commodity Exchange (MCX).
SMR 20 weakened to ₹124.10 (125.16) while Latex firmed up to ₹114 (113.22) per kg at Kuala Lumpur.
Spot rubber rates (₹/kg): RSS 4:168 (167); RSS 5: 165 (164); ISNR20: 145 (144.50) and Latex (60% drc): 119.50 (118.50).
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