Spot rubber improves on short covering

KOTTAYAM, MAR. 3:

Physical rubber prices continued to strengthen on Thursday. The market moved in tandem with the domestic futures on the National Multi Commodity Exchange (NMCE). Meanwhile, latex 60 per cent fell further amidst low demand.

According to traders, sheet rubber improved to Rs 229.50 (227) a kg on fresh buying and short covering. The grade firmed up to Rs 230 (226) a kg both at Kottayam and Kochi, as reported by the Rubber Board.

FUTURES RISE

In futures, the March series concluded at Rs 229.35 (225.22), April at Rs 238 (235.01), May at Rs 243 (239.15), June at Rs 245.30 (241.57) and July at Rs 245.50 (241.20) a kg for RSS 4 on the NMCE.

The volumes totalled 19558 lots and open interest 10967 lots. The turnover was Rs 462.60 crore.

RSS 3 (spot) slipped to Rs 274.34 (274.71) a kg at Bangkok. The March futures for the grade increased to ¥512 (Rs 282.05) from ¥506 during the day session but then declined to ¥502 (Rs 276.54) a kg in the night session on the Tokyo Commodity Exchange (TOCOM).

Spot rates were (Rs/kg): RSS-4: 229.50 (227); RSS-5: 228 (224); ungraded: 225 (221); ISNR 20: 227 (224) and latex 60 per cent: 138 (140).

(Source: http://www.thehindubusinessline.com/industry-and-economy/agri-biz/article1506605.ece)