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Spot rubber ended in red on Wednesday. RSS-4 declined to ₹165.50 from ₹166.50 and ₹166 a kg, respectively, according to traders and the Rubber Board. The trend continued to remain mixed as ISNR20 extended the gains on better demand amidst low supplies. A leading tyre-maker bought RSS-4 at ₹165 per kg after a long gap and certain dealers sold their stockpiles to them during early trades. “The commodity is likely to remain range bound with a downward bias but I do not expect much selling pressure in the immediate days ahead since the floating stocks bought at lower levels have been sold-out and the international markets are performing well,” an analyst told BusinessLine. “Effective pandemic control management is the key to sustain the economic recovery from post-pandemic. Otherwise, each resumption of an economy will be subjected to movement curb once Covid-19 cases soared and the economy will never able to walk out of the cycle of new norm under Covid-19 which may have adverse effect to its recovery”, according to RB Premadasa, Secretary-General, Association of Natural Rubber Producing Countries (ANRPC).
“Therefore, other pharmaceutical products for Covid-19 may be crucial for economies to break through the current situation, other than the prevailing vaccines and measures to curb the spread of the virus”. In futures, the most active February contracts were down 3.46 per cent from Tuesday’s settlement price to close at ₹164.12 per kg with a volume of 15 lots on the Multi Commodity Exchange (MCX). RSS-3 (spot) improved to ₹155.74 (154.81) per kg at Bangkok. SMR20 firmed up to ₹134.22 (132.86) and Latex to ₹112.98 (111.70) per kg at Kuala Lumpur. The natural rubber contract for the May 2022 delivery was up 0.31 per cent from previous day’s settlement price to close at 14.66 Yuan (₹172.21) per kg with a volume of 157,186 lots in day-time trading on Shanghai Futures Exchange (ShFE). Spot rubber rates (₹/kg): RSS-4: 165.50 (166.50), RSS-5: 163 (164), ISNR20: 159 (158.50) and Latex (60% drc): 129.50 (130).
Rubber promotion Bill
Ministry of Commerce and Industry has further extended the time limit for submitting the views/ comments/suggestions on the proposed Rubber (Promotion and Development) Bill 2022 till March 9. Copy of the draft Bill is placed on the website of Department of Commerce (https://commerce.gov.in) and also on the Rubber Board website (http://rubberboard.gov.in). Suggestions may be sent to the Secretary, Rubber Board, Sub Jail Road, Kottayam - 686002, Kerala (email: secretary@rubberboard.org.in).
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