Commodities

Spot rubber stays unchanged

Our Bureau | | Updated on: Mar 04, 2022

There is a steady decline in arrivals and an increase in demand

Spot rubber closed unchanged with an upward bias on Friday. Certain tyre-makers bought RSS grades at the prevailing levels but they could not procure the desired quantity owing to short supplies. 

“There is a steady decline in arrivals and an increase in demand ensuing the peak production season. So we are expecting the tyre companies to return with revised quotes next week,” a dealer told BusinessLine.   RSS-4 was quoted steady at ₹167 a kg by traders and the Rubber Board. The trend continued to remain mixed as Latex recovered marginally in tandem with the market mood.       “There is no other option for major consuming industries than to buy from the domestic markets since imports are more expensive now. Furthermore, the Russia-Ukraine war can hinder global commodity supply chains in a major way and delay their imports indefinitely,” analysts said.    In futures, the February contracts were unchanged at ₹161.75 per kg with a volume of one lot on the Multi Commodity Exchange (MCX).     RSS-3 (spot) weakened ₹171.37 (172.78) per kg at Bangkok. SMR20 declined to ₹133.55 (137.55) and Latex to ₹130.43 (131.76) per kg at Kuala Lumpur.   The natural rubber contract for the May 2022 delivery was down 1.97 per cent from previous day’s settlement price to close at 13.73 Yuan (₹165.56) per kg with a volume of  290,638 lots in daytime trading on Shanghai Futures Exchange (ShFE).      Spot rubber rates (₹/kg) were: RSS-4: 167 (167), RSS-5: 165 (165), ISNR20: 159 (159) and Latex (60% drc): 120 (119)

Published on March 04, 2022
COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you