KOTTAYAM, JAN. 16:
Spot rubber markets declined sharply on Wednesday. Moderate losses in the domestic and the international futures and the absence of quantity buyers kept the local market under pressure during the day. According to observers, there has been no selling pressure as growers seemed to be optimistic on a recovery in the market though it is passing through a bearish phase now.
Meanwhile the Key TOCOM rubber futures fell as a frustrating global economic outlook and a pause in the Yen’s recent sell off triggered profit-taking at higher levels.
Sheet rubber weakened to Rs 160.50 (162.50) a kg, according to traders. The grade moved down to Rs 161.50 (163) a kg at Kottayam and Kochi, according to Rubber Board.
The February series declined to Rs 161.50 (164.00), March to Rs 163.70 (166.41), April to Rs 167.55 (170.52) and May to Rs 170.80 (173.93) a kg on the National Multi Commodity Exchange.
RSS 3 (spot) dropped to Rs 180.21 (183.06) a kg at Bangkok. The January futures nosedived to ¥289.4 (Rs 179.95) from ¥297.5 during the day session, but then recovered partially to ¥298 (Rs 183.07) in the night session on the Tokyo Commodity Exchange.
Spot rates were (Rs/kg): RSS-4: 160.50 (162.50); RSS-5: 156 (157); ungraded: 150 (152); ISNR 20: 157.50 (158) and latex 60 per cent: 106 (107.50).
Source: Business Line
