Comments
Spot rubber finished higher on Friday. RSS 4 improved further to Rs 133.50 (132.50) per kg, according to traders and the Rubber Board. The grade was quoted firm at Rs 129.50 (128.50) per kg by dealers. The trend was partially mixed as latex closed unchanged following a decline in demand.
"Higher oil prices and the resultant depreciation of the Indian rupee can make imports more expensive for the Indian tyre manufacturing industry. This can make domestic sourcing of natural rubber the preferred choice over imports," said Jom Jacob, Senior Economist, Association of Natural Rubber Producing Countries (ANRPC). "But If the local market is unable to meet the requirement of the tyre industry, then it may go for imports, regardless of the price," he added.
In futures, the January contracts improved to Rs 138.34 (138.12) and February to Rs 139.57 (139.30) per kg, while the March contracts slid to Rs 141.25 (141.42) per kg on the Indian Commodity Exchange (ICEX). The near month January futures was up by 0.16 per cent with a volume of 38 lots and a total trade value of 52.48 lakh.
RSS 3 (spot) inched up to Rs 116.33 (116.13) per kg at Bangkok. The January futures weakened to Rs 113.98 (115.17), February to Rs 116.44 (117.45) and March to Rs 122.20 (122.67) per kg on the Tokyo Commodity Exchange (TOCOM).
Spot rubber rates (Rs/kg) were:
RSS-4: 133.50 (132.50)
RSS-5: 128.00 (127.00)
ISNR 20: 114.00 (113.50)
and
Latex (60% drc): 85.50 (85.50)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.