Commodities

Mixed trend seen in spot rubber

Our Correspondent Kottayam | Updated on February 20, 2020 Published on February 20, 2020

Spot rubber displayed mixed movement on Thursday. RSS 4 was quoted steady at Rs. 136.00 a kg by traders and the Rubber Board. The grade closed unchanged at Rs.132.00 a kg, according to Dealers. Meanwhile, RSS 5 and latex lost further ground amidst dull volumes. The market failed to regain strength though the inflow of the raw material continued to remain meagre.

It is reported that the tyre sector is very much concerned over the acute shortage of natural rubber in the local market while the automobile industry is in the recovery stage. The shortage might worsen in the days ahead since the commodity is passing through the fag end of its peak production season.

In futures, the March contracts slid to Rs.135.90 (135.93) and April to Rs.138.77 (138.92) per kg on the Indian Commodity Exchange (ICEX). The near month March contracts were down by 0.02% with a volume of 493 lots and total trade value of 671.38 lakh.

“The ICEX Rubber closed slightly lower today. We may see fresh short selling and a decline to 13400.00 -13300.00 levels once prices break below the support at 13550.00. On the upside, resistance is expected to trigger at 13700.00”, said Mr. Akshay Agarwal, MD, Acumen Capital

RSS 3 (spot) improved to Rs.114.70 (113.54) per kg at Bangkok. The February futures declined to Rs.102.96 (105.04), March to Rs.116.90 (118.05) and April to Rs.118.96 (120.31) per kg on the Tokyo Commodity Exchange (TOCOM).

Spot rubber rates (Rs/kg) were:

RSS-4: 136.00 (136.00)

RSS-5: 131.00 (131.50)

ISNR 20: 119.00 (119.00)

and Latex (60% drc): 85.50 (86.00)

Published on February 20, 2020
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