The Hindu Business Line : Rubber falls further on panic selling

Further fall in Bangkok RSS 3 spot, which closed at Rs 76.44 against Rs 78.96 a kg on Wednesday, hammered the domestic rates as most of the operators sold their stock at lower levels.

Heavy overnight rains continued to disrupt the tapping process in all plantations. Hence, the arrivals failed to improve even in a falling market.

Sheet rubber RSS 4 fell further to Rs 68 and Rs 68.25 from Rs 69 and Rs 68.50 a kg respectively at Kottayam and Kochi. The trend was mixed as ungraded and latex were steady but inactive while the other grades lost on moderate selling pressure and buyer resistance.

The NMCE futures bounced back following a better closing at the Tokyo Commodity Exchange.

The August contract was traded at Rs 68.25 (Rs 67.55), September at Rs 65.25 (Rs 64.47), October at Rs 62.19 (Rs 61.53) and November contract at Rs 61.15 (Rs 60.95) per kg for RSS 4.

The volumes improved sharply to 3,013 lots on fresh buying and short covering with 1,840 lots in August, 1,086 in September, 70 in October and 17 in November up to mid-session.

The August delivery contract for RSS 3 recovered to 199.8 yen from 199.2 yen after touching an intra-day low of 194.7 yen a kg at TOCOM.

The physical rubber prices (per kg) were as follows:

RSS-4: Rs 68 (Rs 69); RSS-5: Rs 65 (Rs 66.50); ungraded: Rs 61 (Rs 61); ISNR 20: Rs 59 (Rs 59.50); and latex 60 per cent: Rs 41 (Rs 41).

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