The Hindu Business Line : Rubber rises on panic buying

PANIC buying from the covering groups pushed the spot rubber prices to further highs amidst low arrivals. Even higher levels failed to attract quantum sellers as growers and dealers preferred to retain the stock expecting a favourable price movement in near future.

The only weak and inactive counter was latex 60 per cent which lost in the absence of fresh demand while the other grades gained on all-round support. RSS 4 moved up to Rs 56.75 a kg at Kottayam and Kochi from Rs 56 and Rs 56.25 respectively on Monday.

The rubber futures turned steady on Tuesday. The near month April contract was quoted at Rs 58.15 (58.26), May at Rs 60.48 (60.45), June at Rs 61.51 (61.57) and July contract at Rs 62.50 ( 62.51) per kg for RSS 4.

RSS 3 improved to Rs 57.79 from Rs 57.68 a kg at Bangkok. The April futures for RSS 3 closed at 140.4 yen against 139.4 yen a kg at TOCOM.

The spot rubber rates per kg were: RSS 4: Rs 56.75 (56); RSS5: Rs 55.75 (55.25); ungraded: Rs 54.75 (54); ISNR 20: Rs 55.50 (55); and latex 60 per cent: Rs 40 (41).

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