Spot rubber turns weak on global cues

Spot rubber turns weak


KOTTAYAM, SEPT. 20:
Physical rubber prices turned weak on Tuesday. The market opened weak after a day's gap following a State-wide hartal on Monday but recovered partially during closing hours on covering purchases at lower levels. Transactions were in a low.

According to traders, sheet rubber closed at Rs 216.50 (218) a kg after hitting an intra-day low of Rs 215 on early trades. The grade dropped to Rs 216 (218) a kg both at Kottayam and Kochi as reported by the Rubber Board.

In futures, the October series improved to Rs 218.39 (215.43), November to Rs 217.10 (214.09), December to Rs 216.85 (214.75), January to Rs 219.89 (216.10), February to Rs 219.68 (216.25) and March to Rs 219.98 (217.75) a kg for RSS 4 on the National Multi Commodity Exchange.

RSS 3 (spot) slipped to Rs 223.51 (225.04) a kg at Bangkok. The September futures for the grade dropped to ¥344 (Rs 215.86) from ¥353 a kg during the day session but then recovered partially to ¥348 (Rs 218.39) a kg in the night session on the Tokyo Commodity Exchange.

Spot rates were (Rs/kg): RSS-4: 216.50 (218); RSS-5: 209 (210); ungraded: 203 (206); ISNR 20: 210 (211) and latex 60 per cent: 134.50 (134.50).




Tokyo futures at 1-month low, Europe worries weigh (Sept 20)
September 20, 2011





BANGKOK, Sept 20 (Reuters) – Tokyo rubber futures tumbled to a one-month low on Tuesday, weighed down by worries over Greece and a downgrade of Italy by Standard and Poor’s that encouraged players to sell heavily to avoid risks, dealers said .

Analysts said the downgrade was ominous for the global economy and needed an urgent response. It overshadowed reports that Greece, scrambling to avoid running out of money within weeks, was near a deal to continue receiving bailout funds and that Brazil was willing to pump in $10 billion through the IMF to aid Europe.

The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for February delivery fell 13.6 yen to settle at 351.6 yen ($4.6) per kg.

It fell as low as 3.9 percent to an intra-day low of 351.0 yen per kg, the lowest since August 22. The market was closed on Monday for a national holiday.

The most active Shanghai rubber contract for January delivery fell 120 yuan to finish at 31,805 yuan ($4,998) per tonne.

“Rubber futures fell in line with other commodities that were dragged down by Greece’s problem. Sentiment was weak after prices fell below major support level of 360 yen, encouraging players to liquidate contract to avoid risks,” one dealer said.

Greek Finance minister Evangelos Venizelos said the country’s conference call with its international lenders was satisfying and would continue late on Tuesday but he added some work still needed to be done.

Brent crude futures steadied above $109 on Tuesday, after two days of heavy losses on worries that a looming default by Greece will destabilise the global financial system, threaten global growth and pare oil consumption.

Dealers said they expected TOCOM prices to rebound on Wednesday after the benchmark finished above a major support level of 350 yen and steadier oil prices should lend support.

($1 = 76.405 Japanese Yen)

($1 = 6.387 Chinese Yuan)

Source: http://sg.news.yahoo.com/rubber-tokyo-futures-1-month-low-europe-worries-080328963.html



Rubber falls below $5 in Shanghai on 20 September
Written by HMH | September 20, 2011 | 0 |





London — Rubber prices around the world fell overnight. On Tokyo’s Tocom Exchange, prices for the six-month contract fell by about yen 12 overnight, trading at yen 356 ($4.65) per kg on Tuesday 20 Sept. Shorter-dated prices fell, but less sharply, trading at yen 348.

In Singapore, SGX saw little trading in RSS3, but October 2011 contracts were trading down $0.09 around $4.62. TSR20 for delivery in January 2012 was trading down $0.04 at $4.55.

In India, the NMCE said prices were down by about Rs 3, with October deliveries priced at Rs 215 ($4.47).

In China, the Shanghai Futures Exchange saw prices fall further, with October deliveries falling fractionally below $5 for the first time this year, at around Yuan 31.9 ($4.99.5) per kilo.

Source: european-rubber-journal.com