Spot rubber closed steady as most traders were hesitant to enhance their commitments despite a firm closing in overseas markets on Thursday. RSS 4 finished flat at ₹152 a kg, according to traders and the Rubber Board.
The grade was quoted steady at ₹148 a kg by dealers.
“NR prices had hit a six-year high during December 2020 but growers were not willing to sell their produce since they expected prices to rise further,” said Jacob Mathew, a leading rubber merchant based at Kottayam. “Most of them are still waiting for another firm trend to emerge in the market. They may be probably looking for a price range of ₹180-190 per kg for RSS 4,” he added.
In futures, the natural rubber contract for January delivery improved to ₹154.79 (153.98) per kg on the Multi Commodity Exchange (MCX).
RSS 3 (spot) firmed up to ₹163.31 (161.51) per kg at Bangkok. SMR 20 improved to ₹118.95 (114.17) and Latex to ₹103.57 (103.29) per kg at Kuala Lumpur.
The most active natural rubber contract for May delivery was up by 550 Yuan (₹6243.06) from Wednesday’s settlement price to close at 14,875 Yuan (₹168,846.34) a tonne on Shanghai Futures Exchange (ShFE).
Spot rubber rates (₹/kg): RSS4:152 (152); RSS5: 141.50 (141.50); ISNR20: 125(125) and Latex (60% drc): 105 (105).
This article is auto-generated by Algorithm Source: www.thehindubusinessline.com
