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Monday, October 18, 2021

Short covering lifts spot rubber


Spot rubber improved on Friday. According to observers, prices strengthened on covering purchases at lower levels following initial gains in domestic futures. But the market failed to react in tune with the late declines on the National Multi Commodity Exchange.

Moderate gains in the trend setting global indices and the absence of genuine sellers in the local scene kept the sentiments positive.

Sheet rubber increased to Rs 185 (Rs 184) a kg at Kottayam and Kochi, according to traders and the Rubber Board.

September futures weakened to Rs 178.65 (Rs 180.38), October to Rs 174.75 (Rs 175.76), November to Rs 171 (Rs 172) and December to Rs 171.50 (Rs 172.40) on the NMCE.

RSS 3 (spot) improved to Rs 169.61 (Rs 165.76) at Bangkok. August futures closed at ¥ 259.1 (Rs 167.57) on the Tokyo Commodity Exchange.

Spot rubber rates Rs/kg: RSS-4: 185 (184); RSS-5: 182 (182); Ungraded: 174 (173); ISNR 20: 169 (169) and Latex 60 per cent: 158 (159).

Source: The Hindu

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