Spot rubber holds steady on buyer resistance
February 19, 2021 Spot rubber was quoted steady despite a firm closing in overseas markets on Friday. RSS 4 finished flat at ₹157.50 per kg, according to traders and the Rubber Board. The grade hit an intra-day high of ₹158.50 during early trades, but shed the initial gains later on buyer resistance. The trend was mixed as RSS 5 and Latex improved further on enquiries from the general rubber goods sector.
In futures, the natural rubber contract for February delivery improved to ₹162.49 (161.06) per kg from Wednesday’s settlement price on the Multi Commodity Exchange (MCX).
The most active natural rubber contract for May delivery was up 365 Yuan (₹4091.25) from previous day’s settlement price to close at 15,650 Yuan (₹175,419.77) a tonne in day time trading on Shanghai Futures Exchange (ShFE).
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Spot rubber ended in red on Friday. Declines in the domestic and overseas futures markets and the absence of bulk buyers kept sheet rubber under pressure during the day.
RSS 4 dropped to ₹152.50 (153) per kg, according to traders and the Rubber Board. The grade slid to ₹148.50 (149), according to dealers. The trend continued to remain mixed as ISNR20 finished firm on enquiries from the non-tyre sector while RSS5 and Latex closed unchanged amidst scattered transactions.
International institutions have predicted that the global economic recovery will be uneven in 2021, as each country faces different challenges in containing the virus. Covid-19 has afflicted more than 95 million people and killed more than 2 million. At least 60 to 70 per cent of the world s population will have to be inoculated to break the chain of transmission, as estimated by the World