The Hindu Business Line : Rubber market turns bullish

THE rubber market was bullish on Tuesday following reasonably good demand and sellers keeping off. The covering group was making efforts to book quantum requirements, but had only marginal success as most of the growers were not interested in offloading stocks at the ruling price.

Though the tyre sector has not announced their offer rate of the week, it appears that they have given instructions to the covering group to buy as much rubber as possible at the market rate. The futures market also bounced back noticing the trend in the physical market. June delivery was quoted at Rs 51.35 per kg in place of Rs 50.89 on Monday while July and August were respectively at Rs 51.20 and Rs 50 per kg in place of Rs 50.74 and Rs 49.04 on Monday.

In the spot market, sheet rubber RSS 4 moved up to Rs 49.50 per kg on Tuesday from Rs 48.50 on Monday. RSS 5 improved to Rs 48.50 per kg from Rs 47.50 and ISNR 20 to Rs 47 from Rs 46.50 on Monday. Ungraded rubber also made gains, firming up to Rs 47.50 from Rs 46.50 while latex concentrate remained static at Rs 38 per kg.

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