KOTTAYAM, NOV. 28:
Spot rubber declined further on Wednesday. The sentiment remained under pressure possibly as the market is very close to the peak production season.
The signals from the global trend setters were also disappointing.
The absence of genuine buyers even at lower levels and fears on further declines kept the traders on the sellers queue on late trading hours.
Sheet rubber weakened to Rs 170 (173.50) a kg as quoted by the traders. The grade moved down to Rs 171 (173.50) a kg at Kottayam and Kochi as reported by the Rubber Board.
The National Multi Commodity Exchange remained closed on account of Gurunanak Jayanti.
Meanwhile, the key TOCOM rubber futures slipped on early trades as investors stayed away from the market amidst concerns over the weak demand due to the global economic problems.
RSS 3 (spot) dropped to Rs 166 (167.39) a kg at Bangkok. The December futures declined to ¥241.7 (Rs 163.88) from ¥245.1 during the day session, but then recovered partially to ¥243.5 (Rs 165.13) in the night session on the Tokyo Commodity Exchange.
Spot rates were (Rs/kg): RSS-4: 170 (173.50); RSS-5: 167 (169); ungraded: 162 (163.50); ISNR 20: 162 (162.50) and latex 60 per cent: 110 (111).
Source: Business Line
