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Friday, December 3, 2021

India: Spot rubber bullish on fresh buying


Physical rubber prices were bullish on Friday.

The market opened steady but improved later on fresh buying and short covering reacting to the Government’s move to hike the import duty.

Certain dealers were aggressive to cover their positions as there were no quantity sellers in the market even at higher levels.

Growers preferred to hold their stocks expecting the market to bounce back led by the positive news and reports.

Sheet rubber flared up to Rs 163.00 (Rs 159.50) a kg according to traders.

The grade inched up to Rs 160.50 (Rs 160.00) a kg both at Kottayam and Kochi according to the Rubber Board.

RSS 4 improved at its March series to Rs 162.50 (Rs 159.32), April to Rs 166.20 (Rs 163.10), May to Rs 170.00 (Rs 166.51), June to Rs 172.00 (Rs 169.36) and July to Rs 172.50 (Rs 176.17) a kg on the National Multi Commodity Exchange (NMCE).

RSS 3 (spot) firmed up to Rs 166.02 (Rs 165.59) a kg at Bangkok.

The March futures increased to ¥282.1 (Rs 160.05) kg on the Tokyo Commodity Exchange (TOCOM).

The spot rubber rates Rs/kg follows: RSS-4: 163.00 (159.50); RSS-5: 159.50 (156.00); Ungraded: 156.00 (152.50); ISNR 20: 158.00 (156.00) and Latex 60%: 105.00 (103.50).

Source: Business Line

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