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Thursday, July 7, 2022

India: Rubber futures plunge; spot prices follow suit


Spot rubber prices declined further on Friday. According to observers, the absence of genuine buyers and heavy losses in domestic futures kept the commodity under pressure.

“The procurement process has failed to lend any strength to the market so far and hence, prices could not sustain at higher levels,” analysts said. The trend was mixed.

Sheet rubber weakened to ₹147 (148.50) a kg, according to traders. The grade dropped to ₹147.50 (148.50) and ₹144.50 (145.50) a kg, respectively, as quoted by the Rubber Board and dealers.

April futures surrendered to ₹144.65 (148.41) May to ₹147.50 (151.50), June to ₹150.35 (154.20), July to ₹150.83 (153.63) and August to ₹151.40 (155.20) a kg, while September futures were inactive on the National Multi Commodity Exchange.

RSS 3 (spot) slipped to ₹140.20 (140.80) a kg at Bangkok. The Tokyo Commodity Exchange (TOCOM) remained closed owing to ‘Vernal Equinox Day’.

Spot rubber rates (₹/ kg) were: RSS-4: 147 (148.50); RSS-5: 144 (145); ungraded: 140 (141); ISNR 20: 142.50 (142.50) and Latex 60%: 111 (111).

The HIndu

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