Covering purchases keep spot rubber firm

Covering purchases keep spot rubber firm


Kottayam, Sept. 3

Physical rubber prices strengthened on Friday. Sheet rubber increased to Rs 164 from Rs 163.50 a kg on covering purchases though there has been no fundamental or technical change in the market. The trend was mixed as RSS 5 finished flat and latex 60 per cent weakened on buyer resistance.

According to observers, tapping has resumed in most of the plantation areas and the market may experience an improvement in arrivals in the near future if the favourable conditions persist. RSS 4 wasquoted better at Rs 164 (163.50) a kg in the Board's Web site.

Futures improve

In futures September series closed at Rs 165.24 (164.03), October at Rs 162.85 (163.36), November at Rs 163.60 (163.38) and December at Rs 164.98 (164.50) a kg for RSS 4 on the National Multi Commodity Exchange. RSS 3 slipped at its September futures to ¥309.5 (Rs 170.82) from ¥309.8 a kg during the day session and to ¥308 (Rs 170) during the night session on Tokyo Commodity Exchange (TOCOM). RSS 3 (spot) slipped to Rs 161.57 (161.78) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 164 (163.50); RSS-5: 157 (157); ungraded: 154 (152); ISNR 20: 149 (148.50) and latex 60 per cent: 111 (112).