Rubber rebounds on covering purchases

Aravindan Kottayam | Updated on July 20, 2020

Spot rubber regained strength on Monday. Per reports, the commodity explored further highs on covering purchases tracking the smart recovery in domestic futures on ICEX. “The local markets are suffering from acute short supplies and we expect the tyre makers to re-enter the market with fresh quotes soon,” a trader said.

RSS-4 improved to ₹132 (130) a kg, according to traders and the Rubber Board. It was quoted firm at ₹128 (126) by dealers. The trend was partially mixed as latex continued to remain steady in an almost inactive trading session.

RSS-4 improved at its August futures to ₹135.99 (133.31) and September to ₹135.74 (133.57) on the Indian Commodity Exchange (ICEX). The August contracts were up by two per cent with a volume of 97 lots and total trade value of ₹130.22 lakh.

RSS-3 (spot) inched up to ₹114.42 (114.39) per kg at Bangkok. Its July futures improved to ₹106.72 (105.43) and August to ₹106.79 (105.57) on the Tokyo Commodity Exchange. SMR20 weakened to ₹88.32 (89.13) and Latex 60% to ₹83.48 (84.02) at Kuala Lumpur.

Spot rubber rates (₹/kg): RSS-4:132 (130); RSS-5: 128 (127); ISNR-20: 110 (109) and Latex (60% drc): 81.50 (81.50).

Published on July 20, 2020

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