Financial Daily from THE HINDU group of publications
Monday, Mar 27, 2006
Financial Daily from THE HINDU group of publications Monday, Mar 27, 2006 |
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Agri-Biz & Commodities
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Rubber Rubber futures may stretch gains Vipin V. Nair
Kochi , March 25 Natural rubber futures are likely to post gains during next week, reflecting the trend seen in spot and international markets. After a brief period of price fall, natural rubber is once again rising to record levels. Spot rubber prices are quoting near their all-time high in the domestic market on shortage of the commodity. "Market is looking bullish and I expect the prices to do better next week," said Mr C P Krishnan, Senior Vice-President of Geojit Commodity Futures. Mr Krishnan said prices might rise by Re 1 a kg during the week. "There is no fresh rubber available and stocks are falling," he said. Rising crude oil prices is another factor that would have an impact on rubber prices.
No panic
Although tyre companies have stated that they intend to import 25,000 tones of rubber to overcome the shortage in the domestic market, this news has not caused any panic in the market. "Farmers and traders are still holding back their stocks," Mr Krishnan said. Last week prices surged because of this shortage and are moving towards the Rs 85 a kg mark. According to National Multi Commodity Exchange (NMCE), April and May contracts have shot up, and volumes too have picked up.
More Stories on : Rubber | Commodity Exchanges
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