Rubber regains strength on covering purchases
April 26, 2021
Another sharp fall in domestic futures may exert pressure on prices
Spot rubber ended in green on Monday. The market opened weak reacting closely to the surge in Covid -19 cases but regained strength later on covering purchases following a moderate recovery in Bangkok spot prices.
Another sharp fall in domestic futures during the fag end of the session is likely to dampen the sentiments putting further pressure on prices when the commodity resumes trading on Tuesday, an observer said.
RSS-4 improved to ₹163.50 (163) per kg, according to traders and the Rubber Board. The grade firmed up to ₹158.50 (158) as per dealers. The trend was mixed as ISNR20 and latex closed unchanged amid thin trades.
Spot rubber breaches the ₹170/kg mark
Kottayam |
Updated on
×
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).
Supply concerns lift rubber - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Spot rubber tows global market, gains
December 21, 2020
×
Spot rubber regained strength tracking the global gains on Monday. RSS-4 improved to ₹158 (157.50) per kg, according to traders and the Rubber Board. The grade firmed up to ₹154 (153.50), according to dealers.
The trend was mixed as ISNR20 and Latex closed unchanged amidst low volumes.
Meanwhile, crude oil prices tumbled in response to the concerns over a fast spreading new coronavirus strain in the UK. The resultant tighter restrictions in UK and other European countries can stall a recovery in the global economy, reports said.
Natural rubber futures closed higher in day time trading on Shanghai Futures Exchange (ShFE). The near month January 2021 delivery was up by 260 Yuan (₹2,934.58) to close at 14,700 Yuan (₹165,916.91) a tonne.