Rubber weakens on lack of buying

Kottayam, Dec. 6

Physical rubber prices improved on Monday.

According to sources, the market opened better and remained firm due to the lack of sellers on major grades, possibly following the gains in Tokyo Commodity Exchange. But it showed signs of weakness during closing hours as the domestic futures finished weak on NMCE. The trend was mixed.

Among other news, the Tokyo rubber futures hit a two-week high, catalysed by the rise in oil prices but the gains were limited due to a stronger yen.

Sheet rubber increased to Rs 199.00 (197.00) a kg according to traders. The grade finished firm at Rs 198.50 (198.00) a kg both at Kottayam and Kochi as reported by the Rubber Board.

The December series declined to Rs 197.90 (200.16), January to Rs 200.33 (203.18), February to Rs 204.32 (207.00) and March to Rs 207.71 (209.76) per kg for RSS 4 on National Multi Commodity Exchange.

RSS 3 firmed up at its December futures to A5 366.8 (Rs 199.04) from A5 361.7 per kg during the day session but remained inactive in the night session on Tokyo Commodity Exchange. The spot rubber prices per kg were RSS-4 — Rs 199.00 (197.00); RSS-5 — Rs 188.00 (186.00); Ungraded — Rs 182.00 (181.00); ISNR 20 — Rs 191.00 (191.00) and Latex 60% — Rs 128.00 (128.00).

(Source: http://www.wikinvest.com/wikinvest/api.php?action=viewNews&aid=2112112&page=&format=html&comments=0)