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Thursday, Jun 17, 2004

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Panic buying pulls up rubber

Our Correspondent

Kottayam , June 16

DOMESTIC spot rubber prices resumed their upward journey on Wednesday. The panic buying from the covering groups and purchase agents pulled up the prices to further highs amidst thin arrivals.

Sheet rubber RSS 4 closed at Rs 64.50 against Rs 64 a kg on Tuesday. All the grades gained except ISNR 20 which remained steady on low demand.

The futures market was also firm on Wednesday. The near month July delivery was quoted at Rs.63.00 (62.65), August delivery at Rs 59.85 (59.69) and September delivery at Rs 58.35 (58.26) per kg for RSS 4. The volumes were better.

The TOCOM July futures for RSS 3 improved to 152.3 yen from 152 yen a kg and at Bangkok, the same grade remained steady at Rs 61.88.

The Wednesday spot market rates per kg were as follows: RSS 4 Rs 64.50 (64); RSS 5 Rs 61.25 (61); ungraded Rs 60.50 (60); ISNR 20 Rs 57.50 (57.50); latex 60 per cent Rs 47.50 (47).

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