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Profit booking saps rubber – The Hindu BusinessLine

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Spot rubber made all-round gains on Monday. RSS 4 improved to ₹170 (169) per kg, according to traders and the Rubber Board.

The grade crossed the Minimum Support Price (MSP) offered by the Kerala government to hit an intra-day high of ₹171 a kg on early trades, but failed to sustain at higher levels probably due to profit booking.

The market is expected to explore further highs on fresh buying and short covering as the fundamentals are extremely favourable of the ongoing bull run, a trader said.

In futures, the March delivery was up 1.14{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} from Friday’s settlement price to close at ₹171.39 a kg on the Multi Commodity Exchange (MCX).

RSS 3 (spot) declined to ₹172.01 (174.46.) per kg at Bangkok. SMR 20 weakened to ₹130.80 (131.10) per kg, while Latex inched up to ₹124.87 (124.77) per kg at Kuala Lumpur.

The most active natural rubber contract for May delivery was down 260 Yuan (₹2897.85) from previous day’s settlement price to close at 15,115 Yuan (₹168,465.57) a tonne in day time trading on Shanghai Futures Exchange (ShFE).

Spot rubber rates (₹/kg): RSS 4:170 (169); RSS 5: 166 (165); ISNR20: 150.50 (150) and Latex (60{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} drc): 128.50 (128.50).

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