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Tuesday, May 24, 2022

India: Rubber under pressure on supply concerns


Physical rubber prices showed a mixed mood on Monday.

The market remained under pressure mainly following the declines in domestic futures but the losses were still limited on supply concerns.

Sheet rubber weakened further to Rs 159.00 (Rs 160.00) a kg both at Kottayam and Kochi, according to traders and the Rubber Board.

The undercurrent was bearish.

Meanwhile, the key TOCOM rubber futures rose more than one per cent buoyed by a weaker yen recovering from the five-month low hit early last week.

In futures, the May series declined to Rs 155.20 (Rs 157.22), June to Rs 154.00 (Rs 157.02), July to Rs 153.20 (Rs 156.34) and August to Rs 152.50 (Rs 154.51) while the September series remained inactive on the National Multi Commodity Exchange (NMCE).

RSS 3 (spot) bounced back to Rs 152.02 (Rs 148.74) at Bangkok.

April futures improved to ¥242.9 (Rs 131.90) on the Tokyo Commodity Exchange.

The spot rubber rates/kg were: RSS-4: 159.00 (160.00); RSS-5: 155.00 (155.00); Ungraded: 150.00 (150.00); ISNR 20: 147.00 (147.00) and Latex 60%: 103.00 (105.00).

Source: Business Line

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