Kottayam: Spot rubber surrendered its gains on Tuesday. RSS 4 moved down sharply to Rs 126 from Rs 130 a kg at Kottayam as the rubber futures on Tokyo Commodity Exchange fell back marginally on long liquidation.
The volumes were low and the domestic market declined even without any quantity offers from dealers or growers. The market has over reacted to the minor variations in the global indices.
This might be due to unexpected absence of the major manufacturers on the buyers’ side. Covering groups could not hold the prices at higher levels for a long period of time without follow-up support from the consuming sector, an observer said.
June futures weaken
The June contract for RSS 3 weakened to ¥334.1 (Rs 134.28) from ¥337.1, July to ¥334 (336.9), August to ¥335.2 (336), September to ¥334.6 (335.7), October to ¥334.4 (335) and November to ¥336.5 (336.6) a kg at TOCOM. RSS 3 spot slipped to Rs 138.49 (139.36) a kg at Bangkok.
Spot prices were (Rs/kg): RSS-4: 126 (130); RSS-5: 122 (124); ungraded: 119 (120); ISNR 20: 120 (121) and latex 60 per cent: 85 (85).
The volumes were low and the domestic market declined even without any quantity offers from dealers or growers. The market has over reacted to the minor variations in the global indices.
This might be due to unexpected absence of the major manufacturers on the buyers’ side. Covering groups could not hold the prices at higher levels for a long period of time without follow-up support from the consuming sector, an observer said.
June futures weaken
The June contract for RSS 3 weakened to ¥334.1 (Rs 134.28) from ¥337.1, July to ¥334 (336.9), August to ¥335.2 (336), September to ¥334.6 (335.7), October to ¥334.4 (335) and November to ¥336.5 (336.6) a kg at TOCOM. RSS 3 spot slipped to Rs 138.49 (139.36) a kg at Bangkok.
Spot prices were (Rs/kg): RSS-4: 126 (130); RSS-5: 122 (124); ungraded: 119 (120); ISNR 20: 120 (121) and latex 60 per cent: 85 (85).
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