Kottayam: Rubber prices have declined further on 17 Nov'08. The sentiments were also strike by a weak closing in global rubber futures and rumor that sheet rubber may hit Rs 70 a kg level shortly. Meanwhile, the grade declined to Rs 79 from Rs 81 a kg on last Saturday. Sources have informed that, the fresh quote from the tyre sector was even below at Rs 78 a kg for RSS 4. The rubber futures on the Tokyo Commodity Exchange slipped back on long liquidation at the opening amidst declines in oil futures and Yen's strength against dollar.
But covering purchases became active subsequently reflecting Yen's weakness on late trading. However, the market recovered the early losses partially towards the morning close.Prices moved in a narrow range during the afternoon. In futures, RSS 3 weakened at its November contract to Yen 158 (Rs 80.47) from Yen 164.5, December to Yen 162 (165), January to Yen 166 (167.2), February to Yen 169.4 (169.7), March to Yen 171.6 (172.3) and April to Yen 174.3 (174.7) a kg at TOCOM.
The grade finished marginally higher at Rs 89.85 (89.70) a kg at Bangkok.Spot rates were (Rs/kg): RSS-4: 79 (81); RSS-5: 76 (78.50); ungraded: 72 (74); ISNR 20: 76.50 (78) and latex 60 per cent: 57 (57).
But covering purchases became active subsequently reflecting Yen's weakness on late trading. However, the market recovered the early losses partially towards the morning close.Prices moved in a narrow range during the afternoon. In futures, RSS 3 weakened at its November contract to Yen 158 (Rs 80.47) from Yen 164.5, December to Yen 162 (165), January to Yen 166 (167.2), February to Yen 169.4 (169.7), March to Yen 171.6 (172.3) and April to Yen 174.3 (174.7) a kg at TOCOM.
The grade finished marginally higher at Rs 89.85 (89.70) a kg at Bangkok.Spot rates were (Rs/kg): RSS-4: 79 (81); RSS-5: 76 (78.50); ungraded: 72 (74); ISNR 20: 76.50 (78) and latex 60 per cent: 57 (57).
No comments:
Post a Comment