Spot rubber stays firm

Spot rubber stays firm


Kottayam, Oct. 21

Spot rubber prices closed firm on Thursday. The market lost its direction as the domestic futures on the National Multi Commodity Exchange (NMCE) went into a corrective phase possibly on profit booking at higher levels.

Among other news, it is reported that India is heading for a record natural rubber import as domestic output fails to keep pace with the auto-driven demand underpinning prices already at record highs. The rubber growers may not benefit from the record high prices ruling now as it is only a temporary phenomenon following weather changes and continuous rains in the State, said Adv. Joy Nadukkara, President, Pala Marketing Society. There are also reports of severe shortage of rubber both in domestic and international markets, he said.

Sheet rubber closed flat at Rs 190 a kg in the main marketing centres. It improved further to Rs 188.50 (187) a kg both at Kottayam and Kochi according to Rubber Board.

In futures, the November series declined to Rs 193.50 (196.33), December to Rs 195.34 (198.95), January to Rs 198.80 (200.89) and February to Rs 200 (202.98) a kg for RSS 4 on the NMCE. The October futures for RSS 3 moved up marginally to ¥325 (Rs 177.77) from ¥324 a kg during the day session but then closed unchanged during the night session on the Tokyo Commodity Exchange. The grade (spot) weakened to Rs 177.77 (178.95) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 190 (190); RSS-5: 180 (180); ungraded: 175 (175); ISNR 20: 186 (186) and latex 60 per cent: 121 (121).