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Wednesday, May 18, 2022

India: Spot rubber rules flat


Spot rubber finished unchanged on Wednesday.

The market lost its direction amidst scattered transactions as the trendsetting National Multi Commodity Exchange (NMCE) remained closed on account of Mahavir Jayanti.

Sheet rubber was quoted steady at Rs 158 a kg both at Kottayam and Kochi, according to traders and the Rubber Board.

Meanwhile, the TOCOM rubber futures recovered from the early loses partially after it failed to break below the recent five-month low, with prices supported by yet another dip in the yen against the dollar.

The global supply is also expected to improve shortly once farmers resume tapping in late April after a one month break during the dry season in Thailand, the world’s biggest rubber producer.

RSS 3 (spot) inched up to Rs 154.75 (154.13) a kg at Bangkok.

The May futures improved to ¥247.1 (Rs 134.49) from ¥241.3 during the day session and then to ¥251 (Rs 136.61) in the night session on Tokyo Commodity Exchange (TOCOM).

Spot rubber rates (Rs/kg): RSS-4: 158 (158); RSS-5: 154 (154); Ungraded: 148 (148); ISNR 20: 147 (147) and Latex 60 per cent: 102 (102).

Source: Business Line

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