Covering purchases keep spot rubber firm

Covering purchases keep spot rubber firm


Kottayam, Oct 14

Physical rubber prices firmed up further on Thursday. The market continued to suffer from short supplies and the prices moved up mainly on covering purchases following gains in futures. There were no fresh quotes from the tyre sector, sources said.

Sheet rubber finished higher at Rs 179.5 from Rs 178 a kg after hitting an intra-day high of Rs 180 a kg on early trades. According to the Rubber Board, the grade improved to Rs 179 (177.5) a kg at Kottayam and Kochi.

Futures gain

RSS 4 increased with October futures rising to Rs 185.5 (184) and November to Rs 185.68 (184.86) while the December futures slipped to Rs 188.49 (188.82) and January to Rs 191.8 (192.66) a kg on the National Multi Commodity Exchange. The volumes totalled 7,390 lots, and open interest 5,028 lots. The turnover was Rs 139.75 crore.

Globally, October futures firmed up to ¥328 (Rs 178.36) from ¥323 a kg for RSS 3 during the day session and to ¥329 (Rs 178.9) during the night session on Tokyo Commodity Exchange. RSS 3 (spot) improved to Rs 177.14 (174.2) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 179.5 (178); RSS-5: 171 (169); ungraded: 168 (167); ISNR 20: 176 (174) and latex 60 per cent: 116.5 (116.5).


Financial aid to Rubber Producers' Societies
Our Correspondent

Kottayam, Oct. 14

The Rubber Board has introduced a scheme for financial assistance worth Rs 108 lakh to the Rubber Producers' Societies for acquiring additional facilities in group rubber processing centres. The scheme is intended to improve the quality of small holders' produce to match international standards.

The board has developed a design for the group processing centres with fuel-efficient, environment friendly and pollution free systems.

The scheme has provision to set up new smoke houses in addition to the existing facility; repairing of group processing centre, biogas plant and furnace; purchase of aluminium dishes, latex collection vessels and sheeting battery.

Details are available from the regional offices and field stations of the board.