The Hindu Business Line : Spot rubber firms up further

The week opened with a positive note in spot rubber prices. The market firmed up further and all major grades gained on sustained demand. Supplies were dull.

Covering groups and purchase agents seemed optimistic about revised quotes from the tyre sector as they kept prices slightly higher than the previous day's closing.

Sheet rubber RSS 4 improved to Rs 84.25 and Rs 84.50 respectively at Kottayam and Kochi from Rs 84 a kg on Saturday.

The immediate direction of the market depends upon major manufacturers and it is expected that the price may go beyond Rs. 85 if they turn active, traders said.

Futures steady

The NMCE rubber futures showed an almost steady trend on Monday. The April contract was quoted at Rs 84.65 (84.74), May at Rs 87.30 (87.29), June at Rs 88.70 (88.48), and July at Rs 88.70 (88.62) for RSS 4.

The transactions were quoted low; of a total of 586 lots, 131 were for April, 337 for May, 93 lots for June and 25 for July till mid-session.

The May contract for RSS 4 improved to Rs 88.50 from Rs 87.01 on the MCX.

The April futures for RSS 3 moved up to 253.7 yen (Rs 95.46) against 250.1 yen a kg at TOCOM. The grade weakened to Rs 94.51 from Rs 94.76 a kg at Bangkok spot.

Physical rates a kg were: RSS-4 84.25 (84), RSS-5 83.25 (83), ungraded 82.25 (82), ISNR 20 83 (82.50), and latex 60% (a litre) 58 (58).

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