Rubber sees weak trend

Kottayam: The opening session of the week saw a sharp bear strike in physical rubber prices. The international markets remained to rule weak putting further pressure on the raw material. Sheet rubber declined to Rs 82 and Rs 82.50 a kg respectively at Kottayam and Kochi from Rs 83.50 a kg on previous weekend. The market lacked proper purchasing support and there were also some import rumours hovering around persuading traders to press for sales even at lower levels.

The rubber futures declined further quoting the July contract for RSS 4 at Rs 84.30 (85.78) a kg on MCX. The June contract for the grade fell to Rs 81.60 (83.17), July to Rs 84.41 (86.01), August to Rs 85.44 (86.31) and September contract to Rs 83.60 (84.17) per kg on NMCE. The open interest was 7,877 (7,731) lots with 2,885 (2,928) lots in June, 3,348 (3,345) lots in July, 1,250 (1,120) lots in August and 394 (338) lots in September. RSS 3 declined at its July futures to 271 Yen (Rs 90.99) from 273.1 Yen a kg at TOCOM. Spot rubber prices were (Rs/kg): RSS-4: 82 (83.50); RSS-5: 80.50 (82.50); Ungraded: 79.50 (81.50); ISNR 20: 80 (82.50) and Latex 60 per cent: 60 (60).