Commodities

Spot rubber prices remain neutral

Our Correspondent Kottayam | Updated on October 30, 2020 Published on October 30, 2020

Spot rubber continued to remain neutral on Friday. Sustained weakness in global markets and the absence of genuine buyers kept the domestic sentiments under pressure during the day. RSS4 was quoted unchanged at ₹160.00 a kg by traders and the Rubber Board. The grade finished flat at ₹156.00 a kg according to dealers.

India has revised its consumption outlook for 2020 to 9,23,000 tonnes from 9,00,000 tonnes reported earlier. Auto sales in India have made a comeback. The sales of passenger cars increased 31.3 per cent y-o-y in September, 2020, the highest growth over the past 27 months.

According to the Association of Natural Rubber Producing Countries (ANRPC), this trend reversal in passenger cars in India is driven by the preference for personal mobility during the pandemic, gradual opening up of markets, easing of supply-chains, labour availability, and excitement of new vehicle launches.

Natural rubber futures declined further in day time trading on Shanghai Futures Exchange (SHFE). The near month November delivery was down by 355 Yuan (₹3,952.21) to close at 14,260 yuan (₹1,58,756.43) a tonne.

RSS 3 (spot) slid to ₹199.64 (199.69) per kg at Bangkok. SMR 20 surrendered to ₹123.81 (128.81) while Latex 60 per cent improved to ₹134.82 (131.33) per kg at Kualalumpur.

Spot rubber rates (Rs/kg) were: RSS4:160.00 (160.00); RSS5: 156.00 (156.00); ISNR20: 130.00 (130.00) and Latex (60% drc): 113.00 (113.00).

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Published on October 30, 2020
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