Commodities

Spot rubber closes low on Friday

Aravindan | | Updated on: Dec 03, 2021
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The weekend session continued to remain under pressure

Spot rubber closed lower on Friday. The weekend session continued to remain under pressure on buyer resistance following the sustained weakness in overseas markets and a steady rise in domestic arrivals. “I expect sheet rubber to hit ₹185 a kg next week,” an observer said.

“It may even fall below that in the days ahead before settling at a comfortable level to both, the producing and consuming sectors,” he added. “However, the production is expected to pickup by mid-December.”

RSS4 surrendered to ₹186.00 (₹189.00) per kg according to traders..The grade declined ₹187.00 (₹189.00) and ₹183.00 (₹184.00) per kg, according to the Rubber Board and dealers.

In futures, the most active December contracts were down 0.21 percent from Thursday’s settlement price to close at ₹181.95 per kg with a volume of 26 lots on the Multi Commodity Exchange (MCX).

RSS3 (spot) dropped to ₹147.26 (148.49) per kg at Bangkok. The forward January 2022 delivery for RSS3 lost 1.5 percent from last days settlement price to close at 221.5 Yen (₹147.88) per kg with a volume of 7 lots on the Osaka Exchange, Japan.

The natural rubber contract for the front month January 2022 delivery was down 1.66 percent from previous day’s settlement price to close at 14.49 Yuan (₹170.87) per kg with a volume of 37,955 lots in daytime trading on Shanghai Futures Exchange (ShFE).

Spot rubber rates (Rs/kg) were: RSS4:186.00 (189.00), RSS5: 183.00 (186.00), ISNR20: 172.00 (173.00) and Latex (60% drc): 137.50 (138.50).

Published on December 03, 2021

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