Supply woes, covering buys lift spot rubber

Our Correspondent Kottayam | Updated on August 11, 2021

Latex closed unchanged

Spot rubber downed the shutters in a positive note on Wednesday. Covering buyers continued to procure the raw material even above the quoted levels as they have to fulfil their commitments soon.

“We are aware of a gradual but steady rise in domestic demand and it may be suicidal to sell, especially when the market is suffering from an acute shortage of rubber,” a grower told BusinessLine.

RSS-4 ended in green at ₹178 (177.50) per kg after hitting an intra-day high of ₹179 as per traders. The grade improved to ₹177.50 (176.50) and ₹172.50 (171.50), respectively, according to the Rubber Board and dealers. The trend was partially mixed as latex closed unchanged amidst scattered transactions.

The most active August delivery was down 0.52 per cent from Tuesday’s settlement price to close at ₹179.30 per kg with a volume of 67 lots on the Multi Commodity Exchange (MCX).

RSS-3 (spot) inched up to ₹138.92 (138.59) per kg at Bangkok. SMR 20 increased to ₹129.99 (128.57) and Latex to ₹93.59 (92.50) per kg at Kuala Lumpur.

The natural rubber contract for the September delivery was up 0.26 per cent from previous day’s settlement price to close at 13,630 Yuan (₹156,427.99) a tonne with a volume of 90,699 lots in day time trading on Shanghai Futures Exchange (ShFE).

The forward January 2022 delivery gained 0.67 per cent from last day’s settlement price to close at ¥223.8 (₹150.55) per kg with a volume of 146 lots on the Osaka Exchange, Japan.

Spot rubber rates (₹/kg) were: RSS-4:178 (177.55); RSS-5: 175.50 (174.50); ISNR20: 163 (162.50) and Latex (60% drc): 130.50 (130.50).

Rubber growers may contact Rubber Board Call Centre to seek information on inter-cropping in rubber from 10 am to 1 pm on August 13. Sherine George, Principal Scientist, Rubber Research Institute of India, will answer the queries. Call Centre number is 0481 - 2576622.

Published on August 11, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like