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Spot rubber breaches the ₹170/kg mark
Kottayam |
Updated on
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Spot rubber continued the bull run despite a weak closing in overseas markets on Tuesday. The commodity managed to break above the much awaited 170 level on fresh buying and short covering during late trading hours. “It was important for the market to sustain above the Minimum Support Price to move towards a new high,” an observer told
BusinessLine.
RSS 4 improved to ₹171 (170) per kg, according to traders and the Rubber Board. The grade was quoted firm at ₹166 (165) by dealers.
In futures, the March delivery was up 0.75% from Monday’s settlement price to close at ₹172.30 a kg on the Multi Commodity Exchange (MCX).
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