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Tuesday, Oct 05, 2004

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Rubber prices up on covering purchases

Our Correspodent

Kottayam , Oct. 4

COVERING purchases fuelled another uptrend in the physical rubber prices on Monday.

Heavy overnight rains disrupted the tapping process all over the State resulted in an acute shortage of rubber.

The covering groups and purchase agents seemed to be chasing the narrow arrivals, while RSS 4 closed at Rs 53 a kg against Rs 51.50 last weekend. All the grades gained on moderate buying from different sectors.

According to analysts, since many growers are selling their crop as field latex, availability of the raw material for processing sheet rubber has come down. Hence the market is also experiencing shortage of ribbed smoked sheets.

The NMCE futures stayed in tune with the spot rubber quoting the October delivery at Rs 55.70 (Rs 54.06) a kg on Monday. The November delivery was quoted at Rs 54.70 (Rs 54.08), December delivery at Rs 54.94 (Rs 54.34) and January delivery at Rs 55.79 (Rs 55.30) per kg for RSS 4.

At TOCOM, the October futures for RSS 3 improved to 140.9 yen from 140 yen a kg. At Bangkok, the same grade closed steady at Rs 57.72 a kg as on Friday.

The spot rubber rates per kg on Monday were: RSS 4 Rs 53 (Rs 51.50); RSS 5 Rs 51.50 (Rs 50); ungraded Rs 50.50 (Rs 49); ISNR 20 Rs 51 (Rs 50.75) and latex 60% at Rs 40.50 (Rs 39.50).

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