Commodities

Spot rubber extends gains

Aravindan Kottayam | Updated on November 17, 2021

A view of the rubber plantation in Ernakulam, Kerala on November 16   -  The Hindu

The trend was partially mixed as Latex closed unchanged with a sharp decline in trading volumes

Spot rubber extended the gains on Wednesday. RSS4 improved to ₹182.50 (₹182 yesterday) and ₹182(₹181) per kg respectively according to traders and the Rubber Board. The grade firmed up to ₹177(₹176) per kg, said dealers.

The trend was partially mixed as Latex closed unchanged with a sharp decline in trading volumes, possibly on short supplies. As per reports, a leading tyre maker bought RSS4 up to ₹184 a kg during the session.

“With economic recovery almost back in track and the automobile industry continues to accelerate further from Covid-19 crisis, there is a surge in demand for tyres”, a spokesperson for the Automotive Tyre Manufacturing Association (ATMA) told BusinessLine. “The reality does not match with the officially available figures of natural rubber production as the availability of RSS grades have already dried thin.”

The most active November delivery was down 0.07 per cent from Tuesday’s settlement price to close at ₹183.25 per kg with a volume of 17 lots on the Multi Commodity Exchange (MCX).

RSS3 (spot) firmed up to ₹144.09 (₹143.34) per kg at Bangkok. SMR20 dropped to ₹131.15 (₹131.61) and Latex to ₹99.04 (₹99.66) per kg at Kuala Lumpur.

The natural rubber contract for the January 2022 delivery was down 0.44 per cent from the previous days settlement price to close at 14.61 Yuan (₹170.12) per kg with a volume of 1,82,038 lots in daytime trading on Shanghai Futures Exchange (ShFE).

Spot rubber rates (₹/kg) were: RSS4:182.50 (182.00), RSS5: 180.00 (179.00), ISNR20: 168.50 (168.00) and Latex (60 per cent drc): 132.00 (132.00).

Published on November 17, 2021

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