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Monday, August 15, 2022

India: Supply fears support spot rubber


Despite a drop in global prices, spot rubber prices ruled flat on Friday. This was mainly due to supply concerns as the tapping season is set to come to a halt by the end of the month.

According to observers, the market remained under pressure following the sharp declines in international prices. Sheet rubber closed unchanged at Rs 151 a kg, according to traders. The grade slid to Rs150.50 (Rs151) and Rs147.50 (Rs148), as reported by the Rubber Board and dealers.

The transactions continued to be dull.

February futures weakened to Rs150.74 (Rs153.32), March to Rs152.85 (Rs155.59), April to Rs156.11 (Rs158.97), May to Rs158.80 (Rs161.66) and June to Rs163.05 (Rs164) on the National Multi Commodity Exchange.

RSS 3 (spot) dropped to Rs142.89 (Rs144.07) at Bangkok. January futures closed at ¥240 (Rs147.45) on the Tokyo Commodity Exchange.

Spot rubber rates (Rs/kg) were: RSS-4: 151 (151); RSS-5: 145 (145); ungraded: 141 (141); ISNR 20: 146 (146) and latex 60 per cent: 124.50 (124.50).

The HIndu

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