Spot rubber stays unchanged

Our Correspondent Kottayam | Updated on July 29, 2021

Short covering pushes the commodity to an intra-day high of ₹171.50 a kg

Spot rubber closed unchanged on Thursday. The market opened weak but regained strength later on short covering to hit an intra-day high of ₹171.50 a kg before concluding the session in a stalemate.

“We expect the commodity to improve further in the weekend session since covering buyers could not procure the minimum desired quantity today to fulfil their early commitments,” a dealer said.

RSS-4 ended in a steady note with an upward bias at ₹171 per kg, according to traders. The grade firmed up to ₹170.50 (170) and ₹165.50 (165), respectively, according to Rubber Board and dealers.

In futures, the most active August delivery was up 0.66 per cent from Wednesday’s settlement price to close at ₹173.30 per kg with a volume of 22 lots on the Multi Commodity Exchange (MCX).

RSS-3 (spot) inched up to ₹135.33 (135.02) per kg at Bangkok. SMR 20 improved to ₹124.49 (123.64) and Latex to ₹88.07 (87.55) at Kuala Lumpur.

The natural rubber contract for the September delivery was up 1.49 per cent from previous day’s settlement price to close at 13,370 Yuan (₹153,794.81) a tonne with a volume of 286,202 lots in day time trading on Shanghai Futures Exchange (ShFE).

The December delivery was up 0.56 per cent from last day’s settlement price to close at ¥216.5 (₹145.06) per kg with a volume of 457 lots on the Osaka Exchange, Japan.

Spot rubber rates (₹/kg): RSS-4:171 (171); RSS-5: 168.50 (168.00); ISNR20: 156 (156) and Latex (60% drc): 127 (127).

Published on July 29, 2021

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