Spot rubber improves on short covering

Spot rubber improves on short covering
Kottayam: Physical rubber prices continued to explore further highs on Tuesday. The bull run was initiated mainly by the gains on NMCE and according to observers, there were no quantity sellers in the market even at higher levels.

Sheet rubber improved to Rs 123 from Rs 121 a kg on fresh buying and short covering. There has been no fresh quotes from the tyre sector. It is most unlikely that the prices may flair up beyond Rs 128-130 since the uptrend in the international markets is to be arrested in a short period, according to Mr. N.Radhakrishnan, President of the Cochin Rubber Merchants Association.

Futures gain

RSS 4 flared up with the December futures rising to Rs 127.10 (123.61), January to Rs 129.38 (125.63) and February to Rs 131.30 (127.50) a kg on National Multi Commodity Exchange (NMCE). RSS 3 improved with the December futures up at ¥238.5 (¥235.7) (Rs 127.32), January at ¥240.3 (¥237) and February at ¥241.4 (¥239) a kg during the day session on Tokyo Commodity Exchange (TOCOM). . The grade moved up to Rs 126.77 (126.21) a kg on Singapore Commodity Exchange (SICOM). (BL)
http://www.thehindubusinessline.com/2009/12/02/stories/2009120251941600.htm