Spot rubber surges on short covering

Spot rubber surges on short covering


Kottayam, Oct. 19

Spot rubber explored further highs on Tuesday. There were no quantity sellers in the market as widespread rains and supply concerns continued to dominate the market mood. There were no fresh enquiries from the tyre sector and the market moved up amidst scattered transactions. Sheet rubber improved to Rs 186 (182.50) a kg on fresh buying and short covering. The grade moved up further to Rs 185 (182) a kg at Kottayam and Kochi, according to Rubber Board.

Futures gain

The November series increased to Rs 192.05 (190.67), December to Rs 195 (193.29), January to Rs 198 (196.10) and February to Rs 200.40 (199.49) a kg for RSS 4 on the National Multi Commodity Exchange. RSS 3 firmed up at the October futures to ¥328.2 (Rs 178.64) from ¥323 a kg during the day session but then remained inactive during the night session on the Tokyo Commodity Exchange. Its spot closed at Rs 178.03 (177.57) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 186 (182.50); RSS-5: 175 (173.50); ungraded: 172.50 (172); ISNR 20: 183 (182) and latex 60 per cent: 119 (118).