Rubber Declines On Duty Cut News

Kottayam: Driven by the news on import duty cuts, the domestic rubber remained to explore further lows on April 13. Sheet rubber closed at Rs 91 and Rs 91.25 a kg, respectively at Kottayam and Kochi against Rs 92 on Thursday. The rubber futures continued its downward journey on NMCE. RSS 4 declined sharply at its April contract to Rs 89.90 (92.56), May Rs 92.10 (94.20), June Rs 94.90 (97.91) and July to Rs 97.31 (100) a kg, while the May contract for the grade finished the day at Rs 93.35 (94.68) a kg on MCX. The volumes on NMCE amounted 2,725 (1,930) tonnes. The open interest was 10,368 (12,947) lots with 773 lots in April, 5,540 in May, 3,281 in June and 774 lots in July. The May futures for RSS 3 weakened to 283.6 yen (Rs 102.01) from 285.5 yen a kg at TOCOM. Spot rubber prices were (Rs/kg): RSS-4: 91 (92); RSS-5: 90 (91); Ungraded: 89 (90); ISNR 20: 90 (91) and Latex 60 per cent: 64.20 (64.20).