Rubber skids on buyer resistance on Jan. 29, 2013

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KOTTAYAM, JAN. 29: 

Spot declined on Tuesday.

Marginal gains in domestic futures failed to cheer the local traders and the prices lost further on buyer resistance.

According to observers, major manufacturers continued to abstain from the market and they are rumoured to be comfortable with their imported stock piles.

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The peak production is at its last lap, but supplies continued to be tight even in the latter half of January.

Sheet rubber weakened to Rs 158 a kg at Kottayam and Kochi from Rs 159 and Rs 159.50 a kg respectively, according to traders and the Rubber Board.

The February series improved to Rs 157.39 (156.76), March to Rs 159.40 (158.94), April to Rs 162.55 (162.41) and May to Rs 165.80 (164.21) a kg on the National Multi Commodity Exchange.

RSS 3 (spot) surrendered to Rs 174.68 (176.38) a kg at Bangkok. The February futures dropped to ¥290.4 (Rs 172.48) from ¥293.4 during the day session, but then recovered partially to ¥291.3 (Rs 173.05) in the night session on the Tokyo Commodity Exchange.

Spot rates were (Rs/kg): RSS-4: 158 (159); RSS-5: 152.50 (153); ungraded: 146 (147.50); ISNR 20: 154 (155) and latex 60 per cent: 104 (105).

Source: Business Line

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