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Spot rubber continued to rule higher on Wednesday.
“We expect sheet rubber to cross 160 soon since the majority of growers are not interested to sell their produce at the prevailing levels,” a dealer said. There is less chance for a selling pressure below ₹170, the minimum support price for rubber in the State, he added.
RSS 4 improved to ₹157 (156) per kg, according to traders and the Rubber Board. The grade firmed up to ₹153 (152) per kg as quoted by the dealers. The trend was partially mixed as ISNR20 finished flat amidst scattered transactions.
In futures, the natural rubber contract for February delivery improved by 1.77% from Tuesday’s settlement price to ₹161.89 (159.08) per kg for RSS 4 on the Multi Commodity Exchange (MCX).
RSS 3 (spot) flared up to ₹167.80 (165.03) per kg at Bangkok. SMR 20 improved to ₹121.34 (119.25) and Latex to ₹104.80 (104.18) per kg at Kuala Lumpur. The Shanghai Futures Exchange (ShFE) will resume trading on Thursday after the Chinese New Year holidays.
Spot rubber rates (₹/kg): RSS 4:157 (156); RSS 5: 152 (151); ISNR20: 142.50 (142.50) and Latex (60% drc): 115.50 (114.50).
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