Commodities

Rubber prices display mixed trend

Aravindan Kottayam | Updated on December 23, 2019 Published on December 23, 2019

Spot rubber had shown a mixed trend on Monday. RSS 4 was quoted steady at Rs. 131.50 a kg by traders and the Rubber Board. The grade closed unchanged at Rs. 127.50 a kg according to Dealers. All the remaining counters ended weak in the absence of genuine buyers possibly tracking declines in global trends The market was almost in a holiday mood prior to Christmas.

In futures, the January contracts improved to Rs. 134.51 (133.55) and February to Rs. 136.21 (135.28) while the March contracts slid to Rs.137.75 (138.08) per kg on the Indian Commodity Exchange (ICEX).

"Technically market regained strength on short covering as it has witnessed a drop in open interest by - 2.52%. Rubber is getting support at 13350 and the next resistance is likely to be seen at 13520. A move above the same could see prices testing 13580 level", said Mr. Ajay Kedia, Director, Kedia Advisory.

RSS 3 (spot) dropped to Rs. 113.93 (114.56) per kg at Bangkok. The December futures inched up to Rs. 113.42 (113.32) while the January futures weakened to Rs. 111.73 (112.28) and February to Rs. 113.94 (114.10) per kg on the Tokyo Commodity Exchange (TOCOM).

Spot rubber rates (Rs/kg) were:

RSS-4: 131.50 (131.50)

RSS-5: 126.50 (127.00 )

ISNR 20: 114.50 (115.00)

and

Latex (60% drc): 86.50 (87.50)

.

Published on December 23, 2019
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