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Tuesday, January 25, 2022

India: Buyer resistance saps rubber

KOTTAYAM, FEBRUARY 18:  

Spot rubber turned weak on Tuesday. This was followed by sharp declines in domestic futures probably on profit-booking at higher levels.

According to observers, the local market lost ground on buyer resistance, though there was no visible selling pressure from dealers or growers. The trend was mixed. Sheet rubber dropped to Rs 155 (Rs 156) a kg, according to traders.

The grade increased to Rs 155 (Rs 154) and Rs 152 (Rs 151) respectively, according to Rubber Board and dealers.

March futures declined to Rs 152.95 (Rs 157.86), April to Rs 156.79 (Rs 162.38), May to Rs 159.11 (Rs 164.71), June to Rs 160.51 (Rs 165.47) and July to Rs 162.00 (Rs 163.56) on the National Multi Commodity Exchange. RSS 3 (spot) improved to Rs 138.58 (Rs 135.35) at Bangkok.

February futures closed at firmed ¥230.4 (Rs 140.03) on Tokyo Commodity Exchange.

Spot rubber rates (Rs /kg) were: RSS-4: 155 (156); RSS-5: 152 (153); ungraded: 149 (150 ); ISNR 20: 151(151) and latex 60%: 122 (122). Rally may not stretch – p18

The Hindu

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