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Spot rubber ended in green on Monday. RSS4 improved to ₹170.50 (170.00) after hitting an intra-day high of ₹171.00 a kg, according to traders. The grade firmed up to ₹170.00 (169.50) per kg as quoted by the Rubber Board.
“The market regained strength on fresh buying coupled with short covering and we expect tyre makers to join the buyers queue soon”, an observer told BusinessLine .
As per reports, imported NR has become more expensive to the manufacturing companies in India. This is due to the disrupted global logistics, delayed shipments, and abnormal increase in the ocean freight cost. The average price worldwide to ship a 40 foot container has increased more than four times, according to sources in the shipping industry. Imported NR (RSS and TSR) also attracts a basic customs duty at the rate 25 per cent of CIF value and additional duties. All these factors have made domestic sourcing a preferred choice over imports.
In futures, the July delivery lost 3.65 per cent from Friday’s settlement price to close at ₹168.00 per kg with a volume of 35 lots on the Multi Commodity Exchange (MCX).
SMR 20 improved to ₹124.94 (123.15) while Latex dropped to ₹84.83 (86.91) per kg at Kuala lumpur.
The natural rubber contract for the September delivery was down 0.038 per cent from previous day’s settlement price to close at 13,185 Yuan (₹151,401.83) a tonne with a volume of 360,840 lots in day time trading on Shanghai Futures Exchange (ShFE).
The most active December delivery improved 2.19 percent from last days settlement price to close at ¥214.5 (₹144.79) per kg with a volume of 2051 lots on the Osaka Exchange, Japan.
Spot rubber rates (₹/kg) were: RSS4:170.50 (170.00); RSS5: 168.00(167.50); ISNR20: 155.00 (155.00) and Latex (60% drc): 127.00 (127.00).
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