The Hindu Business Line : Covering groups lift rubber prices

A sharp improvement of RSS 3 in the international scenario dominated the domestic markets on Thursday. The grade moved up by Rs 1.13 to 99.01 from Rs 97.88 a kg at Bangkok spot.

Though the major manufacturers had not given revised purchase orders, covering groups took initiative to lift the prices further riding on positive hopes on a firm trend ahead. The activities were unimpressive in the absence of quantum sellers.

Sheet rubber improved to Rs 90.75 and Rs 91 a kg respectively at Kottayam and Kochi from Rs 90.00 a kg on Wednesday. All grades including latex moved up amidst low supply.

Futures gain

The rubber futures stayed in tune recording moderate gains in all contracts on NMCE. According to Mr Sajilnath of Geojit, the market appeared strong with an all-round improvement in volumes.

The May contract was quoted at Rs 90.70 (Rs 90.10); June contract at Rs 92.97 (Rs 91.78); July at Rs 92.40 (Rs 91.15) and August contract at Rs 90.13 (Rs 89.73) per kg for RSS 4.

The trading volumes totalled 1,664 tonnes till noon with 443 tonnes in May, 881 tonnes in June, 264 tonnes in July and 76 tonnes in August.

The per kg spot rubber rates were: RSS-4 Rs 90.75 (Rs 90); RSS-5 Rs 89.75 (Rs 89); ungraded Rs 88.75 (Rs 88); ISNR 20 Rs 89.25 (Rs 88.50); and latex 60% (a litre) Rs 66 (Rs 65).