Spot rubber stays flat

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Spot rubber closed unchanged on Monday. RSS 4 finished flat at ₹169 per kg, according to traders and the Rubber Board. The grade was quoted steady at ₹164 by dealers. The transactions were in a low key.

“The recent rise in domestic rubber prices can be attributed mainly to the sharp decline in imports,” a trader told BusinessLine. “This is since imports have become more expensive now. The minimum support price will be hiked to ₹170 with affect from 1 April and I strongly expect prices to recover there after,” he added.

In futures, the March delivery improved 0.51% from Friday’s settlement price to ₹167.94 per kg on the Multi Commodity Exchange (MCX).

The most active natural rubber contract for May delivery was down 220 Yuan (₹2,445.65) from previous day’s settlement price to close at 14,530 Yuan (₹161,520.24) a tonne in day time trading on Shanghai Futures Exchange (ShFE).

RSS 3 (spot) declined to ₹168.47 (169.27) per kg at Bangkok. SMR 20 firmed up to ₹129.37 (129.10) and Latex to ₹122.91 (122.21) per kg at Kuala Lumpur.

Spot rubber rates (₹/kg): RSS 4:169 (169); RSS 5: 166 (166); ISNR20: 151 (151) and Latex (60% drc): 129.50 (129.50).

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

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