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Wednesday, August 17, 2022

India: Spot rubber prices weaken on selling pressure


Physical rubber prices weakened on Thursday. According to observers, there was selling from dealers and growers, who feared further fall in prices. Sentiments remained negative, due to absence of buyers while reports from the international markets have not been encouraging.

The recent hike in import duty is unlikely to favour rubber prices immediately and the commodity is expected to remain subdued even for a couple of months, analysts said.

Sheet rubber slipped to Rs 151(Rs 152) a kg at Kottayam and Kochi, according to traders and the Rubber Board. The grade dropped to Rs 148(Rs 149) a kg, according to dealers. The trend was mixed.

February futures declined to Rs 151.85 (Rs 163.16), March to Rs 153.93 (Rs 155.56), April to Rs 157.50 (Rs 159.10) May to Rs 160(Rs 162) and June to Rs 161.60 (Rs 164) a kg on the National Multi Commodity Exchange.

RSS 3 (spot) closed firm at Rs 146.33 (Rs 145.47) a kg at Bangkok. The January futures improved to ¥ 266.3 (Rs 156.55) from ¥ 265a kg during the day session but then remained inactive in the night session on Tokyo Commodity Exchange.

Spot rubber rates (Rs/kg) were: RSS-4: 151(152); RSS-5: 144(144); Ungraded: 140(141); ISNR 20: 148(148); and Latex 60 per cent: 131(132)

 The Hindu

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