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Mixed trend in spot rubber

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Mixed trend in spot rubber
Description  :  Industry
Date  :  Aug-17-2010

The spot rubber yesterday witnessed a mixed trend. Due to the lack of large buying commitments by most of the traders, the market lost its direction in leading grades. The sheet rubber closed unchanged at Rs 184 a kg amidst scattered transactions. Meanwhile, due to the short supply, the latex 60 per cent recovered. The Board's rate remained firm at Rs 183 a kg for RSS 4.

The domestic rubber futures of September series surged to touch a high of Rs 177.28 and low of Rs 174.40 a kg for RSS 4. In the international market, RSS 3 fell due to the strengthening of yen against the dollar and on concern that demand for the commodity used to make auto tyres may weaken.

On National Multi Commodity Exchange (NMCE), the September series surged to Rs 176.41 (173.55) followed by October to Rs 169.20 (164.63) and November to Rs 166.50 (161.51) while the December series closed its debut trading at Rs 167 a kg.

The total volumes stood at 4394 lots. The total open interest in all series stood at 3564 lots while the turnover at 76.74 crores.

Meanwhile, on Tokyo Commodity Exchange (TOCOM), there was weakness in RSS 3 at its August futures to 325.4/Rs 177.94 (330) during the day session but it recovered marginally to 325.5 (Rs 178.02) a kg during the night session. RSS 3 (spot) rose to Rs 152.77 (Rs.151.67) a kg at Bangkok.

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