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Buyer resistance saps rubber

Buyer resistance saps rubber

Spot rubber ended in red on Friday. The market opened steady but lost the initial strength later on buyer resistance, reflecting the overall weakness in domestic futures and Bangkok spot prices.

RSS 4 declined to ₹154.50 (155) per kg, according to traders and the Rubber Board. The grade dropped to ₹150.50 (151) as per dealers. The trend continued to remain mixed as ISNR20 was quoted steady amidst scattered transactions, while latex improved further following a sharp rise in demand.

In futures, the natural rubber contract for February delivery slid to ₹156.90 (157.21) per kg from Thursday’s settlement price on the Multi Commodity Exchange (MCX).

RSS 3 (spot) weakened to ₹158.29 (158.97) per kg at Bangkok. The Shanghai Futures Exchange (ShFE) continued to remain closed on account of Chinese New Year.

Spot rubber rates (₹/kg): RSS 4:154.50 (155); RSS 5: 149.50 (150); ISNR20: 141(141) and Latex (60% drc): 112.50 (111.50).

This article is auto-generated by Algorithm Source: www.thehindubusinessline.com

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