The Hindu Business Line : Rubber prices rule steady

RUBBER prices were quoted steady on Wednesday. Against expectations, there was no increased selling pressure from traders or growers though the signals from the overseas markets were not favourable.

The buyers appeared indefinitely waiting for a meltdown in prices amidst reports of renewed tapping and an increase in latex production.

Sheet rubber closed steady at Rs 58.00 a kg at Kottayam and Kochi as on Tuesday.

The NMCE futures turned weak staying in tune with the global markets.

The April contract was quoted at Rs 58.20 (Rs 58.59), May contract at Rs 60.42 (Rs 61.21), June at Rs 62.33 (Rs 62.95) and July contract at Rs 63.06 Rs (63.53) per kg for RSS 4.

The transactions were low.

The May futures for RSS 3 declined sharply to 143.9 yen from 147.3 yen at TOCOM.

According to sources, news of a slowdown in Chinese economy is said to be one of the reasons behind the current fall in international rubber prices.

The physical rubber rates per kg were: RSS-4: Rs 58.00 (Rs 58.00) RSS-5 : Rs 57.00 (Rs 57.00) ungraded : Rs 56.00 (Rs 56.00) ISNR 20 : Rs 56.75 (Rs 56.75) and latex 60 per cent : Rs 40.50 (Rs 40.50)

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