The Hindu Business Line : Rubber prices rise on panic buying

PANIC buying from the covering groups and purchase agents took spot rubber rates to further highs on Wednesday. All the grades gained smartly and it was difficult to find out quantum sellers even at higher levels.

Anticipations about better price targets in April kept the buyers on their toes while sheet rubber flared up to Rs 54.50 a kg at Kottayam and Kochi from Rs 53.75 and Rs 54 respectively.

In the futures, market maintained the firm trend though the international markets were slightly weak. The April contract was traded at Rs 56.40 (Rs 56.30), May at Rs 58.70 (Rs 58.45) and June contract at Rs 59.90 (Rs 59.70) a kg for RSS 4.

At Bangkok RSS 3 weakened to Rs 57.07 from Rs 57.34 a kg on Tuesday. The April futures for RSS 3 closed at 136.4 yen against 137.8 yen at TOCOM.

Spot rubber prices on Wednesday were: RSS-4 Rs 54.50 (Rs 53.75) ; RSS-5 Rs 53.50 (Rs 52.75); ungraded Rs 53 (Rs 52.50); ISNR 20 Rs 53.50 (Rs 53); and latex 60% Rs 40 (Rs 39.50)

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