Financial Daily from THE HINDU group of publications
Wednesday, Oct 08, 2003
Financial Daily from THE HINDU group of publications Wednesday, Oct 08, 2003 |
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Agri-Biz & Commodities
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Rubber Rubber rates flare up as supply slips Our Correspondent
CASHING IN ON THE BOOM: Workers making rubber sheets at Wadakkumchery near Thrissur in Kerala. The sheets are fetching good prices following a spurt in rubber prices on good demand, increase in global prices, heavy rainfall in the plantation areas and rise in synthetic rubber rates. On Tuesday, sheet rubber crossed the Rs 50 a kg-mark, the first time in the last three months.— K.K.Mustafah
Kottayam , Oct. 7 RUBBER rates flared up on Tuesday on fall in supply of the raw material following widespread rains all over the plantation areas. RSS 4 closed at Rs 50.50 against Rs 49.75 as on Monday. The covering groups were offering higher quotations to procure enough quantum. Major buyers abstained from trading. The futures market continued to be in the bullish orbit on Tuesday quoting the near month November delivery at Rs 51.60 ( 51.55), December delivery at Rs 51.95 ( 51.84) and January delivery at Rs 51.99 (51.93) per kg for RSS 4. The market opened better and moved up further to cross the Rs 52.00 level on speculative buying and short covering. But heavy profit booking put pressure on the prices at higher levels. The spot market rates per kg on Tuesday were as follows: RSS 4 50.50 (49.75), RSS 5 48.75 (48.50), ungraded 47.50 (46.75), ISNR 20 48.00 (47.50), latex 60 per cent 39.00 (39.00)
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