Financial Daily from THE HINDU group of publications
Wednesday, Mar 08, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 08, 2006 |
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Agri-Biz & Commodities
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Rubber Rubber crashes on panic selling Our Correspondent
Kottayam , March 7 Rubber prices declined sharply on Tuesday. Panic selling from dealers and growers worsened the situation as heavy pre-monsoon showers and weak global sentiments took the steam out of the market, which already lacked buying interest. Usually the demand of rubber comes down in March on account of the closing of the financial year, an analyst said. Sheet rubber moved down to Rs 78.50 a kg from Rs 79.50 at Kottayam and Kochi.
Futures rule weak
Rubber futures ruled weak on the NMCE. The March contract was traded at Rs 77.90 a kg (Rs 78.26), April at Rs 80.60 (Rs 80.95), May at Rs 83 (Rs 83.42) and June contract at Rs 84.98 (Rs 85.07) for RSS 4. The market partially recovered from the initial losses towards the second half of the session. The transactions till noon were quoted better at 2,233 lots, recording 325 lots for March, 461 for April, 879 for May, and 568 for June. The March delivery contract for RSS 4 declined to Rs 77.85 from Rs 78.50 on the MCX. At TOCOM, the April futures for RSS 3 closed at 242.9 yen or Rs 91.46 a kg from 246 yen on Monday. The grade declined to Rs 93.31 from Rs 94.91 at Bangkok spot. The physical rubber prices per kg were: RSS-4 Rs 78.50 (Rs 79.50); RSS 5 Rs 77.25 (Rs 78); Ungraded Rs 76.50 (Rs 77); ISNR 20 Rs 77 (Rs 78.25); and latex 60 per cent (per litre): Rs 56 (Rs 57).
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