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Tuesday, November 30, 2021

India: Import duty talks lift rubber


Spot rubber improved further on Wednesday. The expectations on fixing the import duty at 20 per cent and the decline in production due to the change in climate succeeding the peak production season are the supporting factors behind the current uptrend.

Though major consuming industries preferred to stay back from the market, they are expected to return soon after the current financial year.

Sheet rubber finished firm at Rs 159.50 (Rs 159) a kg, according to traders.

The grade increased to Rs 160 (Rs 159) a kg both at Kottayam and Kochi as quoted by the Rubber Board.

The March series improved to Rs 159.30 (Rs 158.17), April Rs 163.05 (Rs 162.09), May Rs 166.45 (Rs 165.31) and June to Rs 168.52 (Rs 168.25) a kg for RSS 4 on the National Multi Commodity Exchange (NMCE).

RSS 3 (spot) closed at Rs 165.59 (Rs 164.17) at Bangkok.

The March futures for the grade slipped to ¥274.6 (Rs 159.24) on the Tokyo Commodity Exchange (TOCOM).

Spot rubber rates Rs/kg were: RSS-4: 159.50 (159); RSS-5: 156 (155); Ungraded: 152.50 (152); ISNR 20: 156 (155) and Latex 60 per cent: 103.50 (102).

Source: Business Line

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