Kottayam: Spot rubber witnessed a steady trend on Wednesday. The markets had a weak start following a bearish closing in TOCOM which in fact fell into a selling mode due to yen’s gain against dollar. But the physical market recovered from the early losses later and finished unchanged as covering groups and purchase agents turned active at lower levels. Intensified rains and strong Bangkok prices extended further support to the market mood and sheet rubber closed static at Rs 97 and Rs 98 a kg respectively at Kottayam and Kochi as on Tuesday.
Futures weak
The futures finished weak quoting the most active November contract at Rs 98.75 (99.15) a kg on MCX. On NMCE, the November contract slipped to Rs 99.25 (99.84), December to Rs 100.20 (100.68) and January to Rs 101.35 (102.04) per kg, while the most distant February contract finished better at Rs 102.50 (101.92) a kg for RSS 4. The transactions totalled 3,649 (4,042) lots and open interest 3,861 (3,716) lots. The market remained under pressure at higher levels mainly on profit booking, sources said.
Spot prices were (Rs/kg): RSS-4: 97 (97); RSS-5: 95 (95); ungraded: 93 (93); ISNR 20: 93.50 (93.50) and latex 60 per cent: 64.20 (64.20).
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