The Hindu Business Line : Rubber recovers on global trend

Spot rubber recovered partially from the early losses suffered during the week. Short covering and bargain hunting at lower levels took TOCOM futures into the positive zone though the trendsetter had a weak start reacting to the decline in oil futures.

The domestic market followed the overseas trend recording gains in all major grades except latex which ruled weak lacking consumer support. Sheet rubber improved to Rs 84 from Rs 83.50 a kg both at Kottayam and Kochi.

Futures gain

The rubber futures turned better except for its delivery month October, which was quoted slightly down at Rs 85.75 (Rs 85.92) a kg on NMCE. The November contract was traded at Rs 82.50 (Rs 80.73), December at Rs 82.75 (Rs 80.86) and January contract at Rs 83.80 (Rs 82.55) per kg for RSS 4.

The open interest in October was 462 (462) lots, November 1,611 (1,518) lots, December 971 (850) lots and January 501 (447) lots till noon, while the volumes stood at 857 lots.

The November futures for RSS 3 improved to 216 yen (Rs 82.50) against 209.5 yen a kg on TOCOM. The grade declined to Rs 83.69 from Rs 85.52 a kg at Bangkok spot.

Spot prices per kg were: RSS-4: Rs 83.50 (Rs 83.50); RSS-5: Rs 82 (Rs 82); Ungraded: Rs 79.50 (Rs 79.50); ISNR 20: Rs 81 (Rs 81) and Latex 60 per cent: Rs 58.40 (Rs 58.95).