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Rubber gains on covering buys on Nov. 20, 2012

Rubber gains on covering buys on Nov. 20, 2012KOTTAYAM, NOV. 20: 

Spot rubber extended the previous day’s gains on Tuesday. Though the domestic futures showed signs of weakness probably on profit-booking at higher levels, the local market continued to remain firm on covering purchases at lower levels amidst dull supplies.

The sentiments were further supported as TOCOM rubber futures hit another two-week high tracking the gains in Asian share prices on hopes of a compromise in the US fiscal crisis.

Sheet rubber increased to Rs 171 (170) a kg, according to traders. The grade closed higher at Rs 170 (169) a kg at Kottayam and Kochi, according to Rubber Board.

The December series dropped to Rs 173.49 (174.69), January to Rs 175.68 (176.86), February to Rs 177.98 (178.96) and March to Rs 180.10 (182.28), while the April series recovered to Rs 182.30 (181.70) and May to Rs 184.50 (180.81) a kg on the National Multi Commodity Exchange.

RSS 3 (spot) firmed up to Rs 166.12 (165.67) a kg at Bangkok. The November futures improved to ¥240.9 (Rs 163.19) from ¥238.7 a kg during the day session, but then remained unchanged in the night session on the Tokyo Commodity Exchange.

Spot rates were (Rs/kg): RSS-4: 171 (170); RSS-5: 167 (166); ungraded: 162 (161); ISNR 20: 159.50 (159) and latex 60 per cent: 113 (113).

Source: Business Line

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