Panic selling sap stained rubber
Spot rubber ended on a low note on Monday. The market lost further ground following near-panic sales from traders as arrivals continued to rise sharply against a sharp drop in demand for RSS-4 ceded to 162 yen (165) per kg, according to the tradespeople.
The content fell to 163 (166) per kg, as reported by the Rubber Board. All technical indicators were in sell mode and commodities should touch or even drop below 160 per kg this week.
“The new restrictions imposed on the spread of the Omicron strain of Covid-19 and the resulting concerns about the demand outlook may negatively impact the NR market. Concerns about the potential spread of the new strain may force traders to remain cautious. Some companies in the pneumatic and non-pneumatic sectors have reduced their production by 20 to 30%. It may also be a reason for lower domestic demand, ”analysts said.
In futures, December contracts fell 2.64% from Friday’s settlement price to close at 158 per kg with 9 lots volume on the Multi Commodity Exchange (MCX).
RSS-3 (spot) weakened to 140.46 (141.64) per kg in Bangkok. SMR20 fell to 127.64 (128.85) and latex to 93.13 (93.52) per kg in Kuala Lumpur.
The natural rubber contract for delivery in January 2022 fell 0.18% from the previous day’s settlement price to close at 14.21 yuan (167.15 yen) per kg with a volume of 8,017 lots traded during the day on the Shanghai Futures Exchange (ShFE).
The most active delivery in May 2022 rose 0.57% from its last settlement price to close at 227.6 (148.82) per kg with a volume of 27 lots on the Osaka Stock Exchange (OSE ), in Japan.
The rubber spot rates (₹ / kg) were: RSS-4: 162 (165), RSS-5: 159 (162), ISNR20: 152 (154) and Latex (60% drc): 126.50 (128).
The National Rubber Training Institute (NIRT), under the auspices of the Rubber Board, is organizing a three-day training on rubber cultivation at NIRT, Kottayam, January 3-5, 2022. Course content includes modern planting material, planting techniques, fertilizer recommendations, pest and disease control and bleeding.
According to a press release issued by the Council, the training will take place in strict compliance with the Covid-19 protocol. For more details, contact phone 0481-2353127 or Whatsapp 7994650941. Email: [email protected] in