The Hindu Business Line : Rubber prices touch 7-year high

RUBBER prices flared up to a seven-year high on Wednesday as buyers, especially from tyre sector, tried to cover their requirements. The last time the price ruled at this level was in October 1996. Thereafter, it declined to touch the nadir of Rs 24.50 in February 1999.

Arrivals drastically dropped in the face of strong demand. Tyre sector and the non-tyre sector could not gather any substantial quantum of rubber.

Traders in the main marketing centres reported very thin arrival, but it is reported that some of them have built up stocks in the past few weeks anticipating hike in price. Domestic price now rule higher than international prices. RSS 3 was quoted on Wednesday at Rs 49.56 in the Thailand market.

RSS 4 spurted to Rs 51 per kg against Rs 48.50 during the weekend. There was similar rise in the prices of all other grades; RSS 5 quoting at Rs 49 in place of Rs 46, ungraded rubber at Rs 47 against Rs 45.50, ISNR 20 at Rs 49 against Rs 46 and latex concentrate at Rs 34.50 against Rs 33.50.

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