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Spot rubber inches up on global cues on Nov. 21, 2012

Spot rubber inches up on global cues on Nov. 21, 2012KOTTAYAM, NOV. 22: 

Spot rubber continued to make moderate gains on Thursday. According to observers, the market reacted favourably to the early gains in domestic futures and it managed to sustain at higher levels though the latter shed a major part of the initial gains on late trades. Positive reports from the Japanese markets and the absence of quantity sellers at the prevailing levels kept the buyers comparatively active during closing hours.

The TOCOM rubber futures rose for the fourth straight session to hit the highest in three weeks tracking a weak Yen against the Dollar. In fact, a weaker Yen makes TOCOM rubber more attractive to holders of other currencies.

Sheet rubber improved to Rs 173 a kg at Kottayam and Kochi from Rs 171 and Rs 170 a kg respectively, according to traders and the Rubber Board.

Sheet rubber closed unchanged at Rs 173 (171) a kg, according to traders. The grade increased to Rs 173 (170) a kg both at Kottayam and Kochi, according to Rubber Board.

In futures, the December series finished higher at Rs 176.75 (175.17), January at Rs 178.90 (177.29), February at Rs 181.40 (179.92) and March at Rs 183 (181.70) a kg, while the April and May series remained inactive on the National Multi Commodity Exchange.

RSS 3 (spot) firmed up to Rs 167.32 (166.17) a kg at Bangkok. The November futures improved to ¥248.5 (Rs 165.98) from ¥243.5 a kg during the day session, but then slipped to ¥247.3 (Rs 165.20) in the night session on the Tokyo Commodity Exchange.

Spot rates were (Rs/kg): RSS-4: 173 (171); RSS-5: 169 (167); ungraded: 165 (162); ISNR 20: 161 (159.50) and latex 60 per cent: 113 (113).

Source: Business Line

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