Spot rubber improves on supply concern

Spot rubber improves on supply concern

Kottayam, Aug 10

Spot rubber prices turned better on Tuesday. The market gained strength mainly on supply concerns. Sheet rubber recovered to Rs 186 from Rs 185 a kg, though there were no fresh enquiries from major consuming industries. The Board's rate was steady at Rs 184 a kg for RSS 4. The trend was mixed. According to reports, India is likely to import 1,10,000 tonnes of rubber, up from the initial estimate of 70,000 tonnes during 2010–11 as record-high local prices forced tyre makers to source more raw materials from abroad.

FUTURES IMPROVE

The August series for RSS 4 improved to Rs 190.75 (189.57), September to Rs 174.65 (174.55), October to Rs 165.10 (164.93) and November to Rs 162.50 (162.29) a kg on the National Multi Commodity Exchange. The August futures for RSS 3 improved to ¥323.3/Rs 174.48 (¥321.5) during the day session but slipped to ¥321.1 (Rs 173.31) a kg during the night session on the Tokyo Commodity Exchange. The grade (spot) closed at Rs 150.97 (Rs 150.38) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 186 (185); RSS-5: 177 (175); ungraded: 166 (166); ISNR 20: 157 (157) and latex 60 per cent: 109.50 (107.50).