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).
Spot rubber made all-round gains on Monday. RSS 4 improved to ₹170 (169) per kg, according to traders and the Rubber Board. The grade crossed the Minimum Support Price (MSP) offered by the Kerala gove
Spot rubber ended in green on Friday. RSS 4 concluded at ₹168 (166) per kg, according to traders and the Rubber Board. The grade firmed up to ₹163 (161) as reported by the Dealers. There were no quant
Spot rubber resumed the upward journey on Thursday. RSS 4 improved further to ₹166 (164.50) per kg, according to traders and the Rubber Board. The grade was quoted firm at ₹161 (159.50) per kg by deal
March 10, 2021
Spot rubber prices shoot up
Spot rubber continued to explore further highs on Wednesday. RSS 4 edged up to ₹164.50 from ₹164 and ₹163.50 per kg respectively, according to traders and the Rubber Board. The grade firmed up to ₹159.50 (158.50) as per dealers.
According to The Association of Natural Rubber Producing Countries (ANRPC), the outlook of world production of natural rubber (NR) is likely to fall 12.4 per cent, year-on-year, to 897,000 tonnes in February 2021. The world consumption of natural rubber is estimated to recover at 47.5 per cent, year-on-year, to 1.103 million tonnes during the same month.
This favourable market fundamental has supported the upward trend observed in average monthly prices across key physical markets during the reference month amid the seasonal wintering in most NR producing countries.