The Hindu Business Line : Rubber market hits new high

THE rubber market scaled a new high for current season on Wednesday. The covering groups and purchase agents continued to chase the narrow arrivals while the exporters appeared to be inactive compared to the previous sessions.

Rubber futures continued its move ahead on Wednesday. The near month March delivery was quoted at Rs 56.89 (55.71), April delivery at Rs 58 (57.63), May delivery at Rs 60.41 (60.17) and June delivery at Rs 63.01 (62.53) per kg for RSS 4.

Sheet rubber RSS 4 closed at Rs 57 against Rs 56 a kg on Monday. At the Bangkok market RSS 3 was quoted at Rs 58.77 against 58.65 a kg on Tuesday. The TOCOM March features for RSS 3 improved to 148.3 yen from 143.5 yen.

According to official sources, financial assistance for export promotion has been limited to 60,000 tonnes in 2003-2004.

The export had already touched 51,000 tonnes by the end of January.

With hectic export procurements during the past three weeks, the targeted quantum of 60,000 tonnes is almost covered.

This could be the reason behind the absence of exporters in the market.

However, the demand from the tyre sector and short supply of rubber in the international market also contributed much to the current bull run.