Covering buys lift rubber

KOTTAYAM, MAY 31:

Domestic rubber prices improved on Tuesday. In spot, the market gained strength catalysed by the bounce back on NMCE. Possibility of further decline in arrivals and production owing to monsoon rains kept the covering groups active during the day. Even higher closing prices in the international markets also contributed to the developing bull phase. We expect the market to move up further considering the fundamental and technical charts, an analyst said.

Sheet rubber increased to Rs 223.00 (217.50) a kg according to traders. The grade flared up to Rs 222.00 (218.00) a kg both at Kottayam and Kochi as reported by the Rubber Board.

In futures, the June series bounced back to Rs 229.50 (222.40), July to Rs 233.90 (226.72), August to Rs 233.70 (227.60), September to Rs 232.52 (225.75), and October to Rs 230.00 (224.00) per kg for RSS 4 on National Multi Commodity Exchange (NMCE).

RSS 3 (spot) firmed up to Rs 235.05 (233.50) a kg at Bangkok. The June futures for the grade inched up to ¥ 421.4 (Rs. 232.84) from ¥ 420.0 per kg during the day session but then remained inactive in the night session on Tokyo Commodity Exchange (TOCOM).

The spot rubber rates in Rs per kg: RSS-4: 223.00 (217.50), RSS-5: 220.00 (216.00), Ungraded: 216.00 (214.00), ISNR 20: 211.00 (208.00), and latex 60% : 131.00 (128 .50).

Source: http://www.thehindubusinessline.com/industry-and-economy/agri-biz/article2066180.ece