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Spot rubber continued to remain neutral on Thursday. RSS 4 finished flat at Rs 132.00 a kg according to traders and the Rubber Board. The grade closed steady at Rs 128.00 a kg according to Dealers. The trend was mixed as ISNR 20 and Latex lost ground on buyer resistance while the overall volumes were low lacking quantity buyers and sellers in the local trading houses.
In futures, the December contracts declined to Rs 134.50 (135.00), January to Rs 135.46 (136.35) and February to Rs 137.24 (138.37) per kg on the Indian Commodity Exchange (ICEX).
We maintain our bullish view on prices and expect the market to test 137.50/138.00 levels shortly, said Akshay Agarwal, MD, Acumen Capital. But since the momentum indicators have entered into the overbought territory, a sharp correction should be anticipated in the near term.
RSS 3 (spot) slid to Rs 113.58 (113.62) per kg at Bangkok. The December futures weakened to Rs 114.96 (115.13), January to Rs 114.24 (114.41) and February to Rs 117.08 (117.15) per kg on the Tokyo Commodity Exchange (TOCOM).
Spot rubber rates (Rs/kg) were:
RSS-4: 132.00 (132.00)
RSS-5: 128.00 (128.00)
ISNR 20: 117.50 (118.50) and Latex (60% drc): 91.00 (91.50)
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