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Spot rubber continued to remain neutral

Spot rubber continued to remain neutral despite a firm closing in domestic futures and global trendsetters on Monday.

RSS 4 closed unchanged at Rs.131.00 a kg according to traders and the Rubber Board. It finished flat at Rs.127.00 a kg as reported by the dealers. There were no quantity buyers or sellers to set a definite trend in the market and it lost direction amidst low volumes.

In futures, the January contracts improved to Rs.135.71 (133.93), February to Rs.137.53 (135.74) and March to Rs.139.85 (137.53) per kg on the Indian Commodity Exchange (ICEX).

"The ICEX Rubber rallied sharply to close at 13571.00, up by 178.0 points or 1.33% today. Technically, it has broken above the key resistance at 13550.00 and is likely to test the early December high of 13700.00 or higher in near term", said Mr. Akshay Agarwal, MD, Acumen Capital.

RSS 3 (spot) firmed up to Rs.115.05 (112.83) per kg at Bangkok. The January futures improved to Rs.117.39 (115.91), February to Rs.120.25 (116.63) and March to Rs.126.30 (122.58) per kg on the Tokyo Commodity Exchange (TOCOM).

Spot rubber rates (Rs/kg):

RSS-4:                   131.00 (131.00 )

RSS-5:                   126.00 (126.00)

ISNR 20:                 112.00 (112.00)

Latex (60% drc):       84.50 (84.50)

The Hindu Business Line