Spot rubber continued to remain bullish on Wednesday. RSS-4 ended in green at ₹179.50 (178.50) with an upward bias after hitting an intraday high of ₹180 a kg, according to traders. The grade was quoted firm at ₹178.50 (178) and ₹173.50 (173) respectively, by the Rubber Board and dealers.
“The market is likely to cross ₹180 a kg soon if the situation continues unabated and we expect sheet rubber to hit ₹185 in short term,” said traders.
The conditions in Asian physical markets have stayed most favourable to NR during the first half of August 2021, according to the Association of Natural Rubber Producing Countries (ANRPC). Physical markets regained strength from an improved demand outlook on one side and mounting concerns over supply on the other side. This lopsided supply-demand situation has fuelled physical markets across countries including India.
The most active August delivery was up 1.04 per cent from Tuesday’s settlement price to close at ₹183 per kg with a volume of 55 lots on the Multi Commodity Exchange (MCX).
RSS-3 (spot) improved to ₹143.37 (142.45) per kg at Bangkok. SMR 20 firmed up to ₹133.27 (132.77) and Latex to ₹95.37 (95.17) per kg at Kuala Lumpur.
The natural rubber contract for the September delivery was up 1.05 per cent from previous day’s settlement price to close at 13,8.05 Yuan (₹158,145.45) a tonne with a volume of 51,613 lots in day time trading on Shanghai Futures Exchange (ShFE).
The forward January 2022 delivery increased 0.61 per cent from last days settlement price to close at ¥229.7 (₹155.41) per kg with a volume of 579 lots on the Osaka Exchange, Japan.
Spot rubber rates (₹/kg) were: RSS-4:179 (178.50); RSS-5: 176.50 (176); ISNR20: 166(165.50) and Latex (60% drc): 130 (130).