Financial Daily from THE HINDU group of publications
Monday, Feb 27, 2006
Financial Daily from THE HINDU group of publications Monday, Feb 27, 2006 |
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Agri-Biz & Commodities
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Rubber Rubber futures may stretch gains Vipin V. Nair
Kochi , Feb. 26 Natural rubber futures may move up in the domestic market this week on rising crude prices that are pushing up synthetic rubber rates, industry experts said. "There is a sizeable bullish trend palpable in the market. The increase in crude prices will turn the sentiments bullish on natural rubber," said Mr C P Krishnan, Senior Vice-President of Geojit Commodity Futures. Crude prices are expected to surge again in international markets on a blast near Saudi Arabia's Abaqaiq oil facility on Friday. The internal tensions in Nigeria, Africa's biggest oil producer, also have impacted crude prices.
Scarcity
The scarcity for rubber felt in local markets would also rub on futures market next week. Rubber production has begun to peter out in Kerala with the onset of the leaf-shedding season. The market was rather weak last week as prices marginally came down. The March contract opened at Rs 83.11 a kg on National Multi Commodity Exchange (NMCE) and closed at Rs 82.55. The May contract, which was the most active during the week, also came down by 23 paise by the end of the week, Mr Krishnan said. "The market was in line with trends in spot market where prices stood at Rs 80 to Rs 80.50 a kg." A Kochi-based dealer said the domestic market would also move up in line with Tokyo futures where prices rose during the weekend.
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