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Wednesday, January 19, 2022

India: Spot rubber regains strength


Domestic rubber prices regained strength on Friday. In spot, the prices firmed up on fresh buying and short covering following moderate gains on the NMCE. Predictions on a possible fall in production owing to the South-West monsoon and the prevailing shortage of the raw material kept most of the traders in the queue.

Meanwhile, the key Tokyo rubber futures dropped to a seven-week low as the yen gained sharply against the dollar and Japanese stocks fell further.

Sheet rubber improved to Rs 173 (Rs 171) a kg, according to traders. The grade closed firm at Rs 172 (Rs 171) at Kottayam and Kochi, as reported by the Rubber Board.

June futures improved to Rs 175 (172.92), July to Rs 170 (Rs 168.04), August to Rs 166.80 (Rs 165.17), September to Rs 163.52 (Rs 162.53) and October to Rs 162.50 (Rs 161.67) while the November futures dropped to Rs 159.96 (Rs 160) on the National Multi Commodity Exchange.

RSS 3 (spot) inched up to Rs 162.98 (Rs 162.95) at Bangkok. June futures closed at¥239.5 (Rs 142.94) on the Tokyo Commodity Exchange.

Spot rubber ratesRs/kg: RSS-4: 173 (171); S-5: 167 (166); Ungraded: 159 (158); ISNR 20: 158 (157.50) and Latex 60%: 109 (108).

Source: Business Line

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