Spot rubber turns weak on buyer resistance

Rubber market on June 17: Spot rubber turns weak on buyer resistance
June 17, 2011




KOTTAYAM, JUNE 17:
Rubber prices turned weak on Friday. On the spot, the market slipped on buyer resistance following declines in domestic and international futures. There was some visible selling pressure from dealers though the market is reported to be suffering from short supplies following monsoon rain.

Sheet rubber surrendered to Rs 226 (228) a kg, according to traders. The grade dropped to Rs 227 (228) a kg both at Kottayam and Kochi, according to the Rubber Board.

RSS 4 July series declined to Rs 226 (230.25), August to Rs 227.63 (232.16), September to Rs 226.51 (230.26), October to Rs 226 (229.15) and November to Rs 226.02 (229.30) a kg while the December series improved marginally to Rs 227.25 (227) on the National Multi Commodity Exchange.

RSS 3 (spot) closed weak at Rs 229.72 (231.14) a kg at Bangkok. June futures declined to ¥406 (Rs 226.89) from ¥412.5 a kg on the Tokyo Commodity Exchange.

Spot rates were (Rs/kg): RSS-4: 226 (228); RSS-5: 224 (226); ungraded: 219 (222); ISNR 20: 224 (224.50) and latex 60 per cent: 141 (143).