Financial Daily from THE HINDU group of publications
Wednesday, Feb 15, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 15, 2006 |
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Agri-Biz & Commodities
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Rubber Panic sales hit spot rubber Our Correspondent
Kottayam , Feb. 14 PANIC selling from dealers and growers kept the spot rubber prices under immense pressure and the market lost heavily on Tuesday. There were no buyers even at lower levels as the reports from the overseas markets were extremely damaging. Sheet rubber declined to Rs 78 and Rs 78.50 a kg respectively at Kottayam and Kochi. The consuming sector including the tyre makers kept off waiting for the prices to bottom out after the much-awaited technical correction. Futures crashed on NMCE. The February contract was quoted at Rs 79.25 (80.88), March Rs 79.35 (82.21), April Rs 81.75 (84.21) and May contract at Rs 83.18 (86.25) per kg for RSS 4. The April contract for RSS 4 was traded at Rs 81.20 against Rs 83.73 a kg on MCX. RSS 3 closed at Rs 89.91 against Rs 95.65 a kg at Bangkok spot. The March futures for RSS 3 lost 9 yen (Rs 3.39) to hit the lower circuit at 239 yen (Rs 90.18) against 248 yen a kg at TOCOM. Spot prices a kg were: RSS-4: 78 (80.50); RSS-5: 77 (79.50); ungraded: 75.50 (77.50); ISNR 20: 77.50 (79.25) and latex 60 per cent: 56 (57).
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