Spot rubber closed below the short-term support of ₹180 a kg following an almost panic selling from traders on Friday. The commodity lost heavily on news that certain tyre-makers have decided to withdraw from the market for the time being.

As per reports, the said companies were still buyers in the local trading houses but keeping a very low profile and even lower quotes.

RSS-4 surrendered to ₹179 (182.50), according to traders. The grade declined to ₹181 (183) and ₹176 (178) per kg respectively according to the Rubber Board and dealers. “There were no quantity buyers even at lower levels and the market is expected to touch ₹175 a kg next week”, analysts said.

In futures, the most active December contracts were down 1.23 per cent from Thursday’s settlement price to close at ₹177.75 per kg with a volume of 23 lots on the Multi Commodity Exchange (MCX).

The natural rubber contract for the front month January 2022 delivery was up 0.63 per cent from previous day’s settlement price to close at 14.27 Yuan (₹169.71) per kg with a volume of 13,450 lots in daytime trading on Shanghai Futures Exchange (ShFE).

RSS-3 (spot) improved to ₹143.66 (143.24) per kg at Bangkok. SMR20 firmed up to Rs.129.37 (128.04) while Latex weakened to ₹100.71 (102.92) per kg at Kuala Lumpur.

The most active May 2022 delivery was up 0.96 per cent from its last day’s settlement price to close at ¥231.3 (₹153.99) per kg with a volume of 191 lots on the Osaka Exchange (OSE), Japan.

Spot rubber rates (₹/kg) were: RSS-4:179 (182.50), RSS-5: 177 (179.50), ISNR20: 168(169) and Latex (60% drc): 137.50 (138.50).

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