The Hindu Business Line : Rubber crashes on panic sales

RUBBER prices crashed on Tuesday. After an almost steady opening, the market reacted sharply to the panic selling from dealers and growers recording all round losses in all grades including latex motivated by another steep fall in overseas futures markets.

There were no buyers even at lower levels as major manufacturers continued to abstain from the main marketing centres. Speculative selling from big players and the absence of north Indian buyers contributed further to the bear domination.

As the market is slowly entering in to the better production season, the prices are expected to soften further, an analyst said

The rubber futures fell further driven by an extremely weak TOCOM quoting the August delivery contract at Rs 63.50 (Rs 64.70) and September delivery contract at Rs 61.57 (Rs 61.86) per kg for RSS 4. The far months were slightly better trading the October contract at Rs 59.61(Rs 59.57) and November contract at Rs 58.90 (Rs 58.75) a kg while the volumes were better at 2,996 lots till mid-session.

The September futures for RSS 3 fell by 6 yen to 183.4 yen against 189.4 yen at TOCOM.

Spot rubber prices per kgwere: RSS-4: Rs 62 (Rs 64.50); RSS-5: Rs 60 (Rs 61); ungraded: Rs 56 (Rs 57.75); ISNR 20: Rs 56.75 (Rs 57.50) and latex 60%: Rs 39.50 (Rs 40).

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