Spot rubber turns weak on buyer resistance

Print this page Posted on : 06-30-2009 by recycleinme.com

The physical rubber prices turned weak on Monday. The market declined on buyer resistance as the reports from the futures markets were not so promising.

According to observers, major manufacturers continued to stay back and sheet rubber declined to Rs 99 from Rs 100 a kg amidst dull volumes. The trend was mixed though the under current appeared bearish.

Futures steady

The July futures for RSS 4 downed the shutters at Rs 97.60 (97.63), August at Rs 94.54 (94.63), September at Rs 92 (92.27) and October at Rs 91.30 (91.10) a kg on National Multi Commodity Exchange (NMCE). The July futures for RSS 3 weakened to ?151.5 (?153.5) (Rs 76.42), August to ?152.2 (?154.9), September to ?153.6 (?155.8), October to ?154.3 (?156.5), November to ?155.8 (?157.9) and December to ?157.4 (?159.6) a kg during the day session on TOCOM. The grade closed consecutively at ?151.5, ?153.5, ?154.6, ?155.4, ?156.8 and ?158.7 a kg during the night session. RSS 3 closed at Rs 80.74 (80.59) a kg on Singapore Commodity Exchange (SICOM). It improved marginally to Rs 80.85 (80.72) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 99 (100); RSS-5: 96.50 (97.50); ungraded: 93.50 (95); ISNR 20: 90.50 (90.50) and latex 60 per cent: 86.50 (86.50).

Source : Business Line