The Hindu Business Line : Rubber down on panic selling

PANIC selling from traders pushed down the spot rubber prices to further lows on Friday. The current fall in prices is described as untimely and unhealthy by market experts while the consuming sector preferred to wait for the prices to stabilise at lower levels.

RSS 4 fell to Rs 60.00 from Rs 61.00 a kg at Kottayam and Kochi, while the other grades followed suit recording heavy losses. The ongoing strike of the plantation workers and the strengthening monsoon would reverse the trend shortly, an analyst said. The scope for exports was also moderate and there was no need for panic, he said.

The futures showed a firm trend in near months, while the market mood was mixed amidst a positive TOCOM closing. The July contract was quoted at Rs 61.50 (Rs 61.30), August at Rs 61.29 (Rs 60.85), September at Rs 58.90 (Rs 58.90) and October contract at Rs 57.10 (Rs 57.95) per kg for RSS 4. The trading volumes totalled at 1052 lots till mid session.

At Bangkok RSS 3 declined to Rs 64.02 from Rs 64.63 a kg. The July futures for RSS 3 improved to 158.6 Yen from 156.7 Yen at TOCOM . The per kg spot rubber prices follow: RSS-4 : Rs 60 (Rs 61); RSS-5 : Rs 58 (Rs 59.25); ungraded : Rs 56 (Rs 57); ISNR 20 : Rs 56.50 (Rs 57.25); and latex 60% : Rs 39 (Rs 39.50).

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