Commodities

Weak closing on MCX caps rubber’s gains

Our Correspondent Kottayam | Updated on April 07, 2021

Spot rubber resumed its upward move on Wednesday. The market regained strength on expectations that the tyre companies will rejoin the buyers’ queue as most overseas indices were showing signs of recovery. But the gains were limited following a weak closing in domestic futures on MCX.

RSS 4 improved to ₹171 (170.50) per kg, according to traders and the Rubber Board. The grade firmed up to ₹166 (165.50), according to dealers. The trend was partially mixed as ISNR20 continued to remain unchanged amidst dull volumes.

In futures, the April delivery was down 0.29 per cent from Tuesday’s settlement price to close at ₹ 171.87 per kg with a volume of 21 lots on the Multi Commodity Exchange (MCX).

RSS 3 (spot) improved to ₹164.35 (163.34) per kg at Bangkok. SMR 20 firmed up to ₹124.75 (122.54) and Latex to ₹118.19 (117.68) at Kuala Lumpur.

The most active natural rubber contract for September delivery was up 15 Yuan (₹170.62) from previous day’s settlement price to close at 14,315 Yuan (₹162,826.05) a tonne in day time trading on Shanghai Futures Exchange (ShFE).

Spot rubber rates (₹/kg): RSS 4:171 (170.50); RSS 5: 168.50 (168); ISNR20: 155.50 (155.50) and Latex (60% drc): 129 (128).

Published on April 07, 2021

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