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Monday, December 6, 2021

India: Spot rubber improves on short covering


Domestic rubber prices improved on Tuesday. On the spot, the market made overall gains on fresh buying and short covering following the firm closing on the National Multi Commodity Exchange (NMCE).

Meanwhile, the Tokyo rubber futures staged a technical rebound after hitting a three-month low a day earlier.

Sheet rubber improved to Rs 163.50 (162.50) a kg according to traders. The grade firmed up to Rs 163 (162.50) a kg at Kottayam and Kochi, as quoted by the Rubber Board. The sentiments were moderately bullish.

The April futures increased to Rs 165.39 (163.78), May to Rs 168.49 (167.15), June to Rs 170.50 (169.03), July to Rs 170 (170.50) and August to Rs 171.75 (169.55) a kg for RSS 4 on the NMCE.

RSS 3 (spot) inched up to Rs 157.60 (157.22) a kg at Bangkok. The March futures recovered partially to ¥258.5 (Rs 147.72) from ¥256 a kg during the day session, but then remained inactive during the night session on the Tokyo Commodity Exchange.

Spot rates were (Rs/kg): RSS-4: 163.50 (162.50); RSS-5: 160.50 (160); ungraded: 157 (156.50); ISNR 20: 160 (160) and latex 60 per cent: 109.25 (108).

SOurce: Business Line

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