Financial Daily from THE HINDU group of publications
Tuesday, Apr 25, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 25, 2006 |
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Agri-Biz & Commodities
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Rubber Spot rubber scales new high Aravindan
Kottayam , April 24 Domestic rubber was on forward march on Monday. The covering groups and purchase agents consciously lifted the prices to untouched levels to attract buyers from major consuming sectors. The market failed to hit Rs 90 in the absence of strong overseas support. The absence of sellers even at these levels indicates some sort of overconfidence, an analyst said. Sheet rubber improved to Rs 89.50 a kg from Rs 88.50 and Rs 89 respectively at Kottayam and Kochi. Most of the grades put up a spectacular show as market activity was extremely speculative. The revised quotes from the tyre sector are expected to fuel the trend to cross the $2 mark shortly.
FUTURES SUBDUED
Though the depressed mood in overseas markets kept the domestic sentiments subdued, rubber futures were firm, recording marginal gains on the NMCE. The May contract was quoted at Rs 89.40 a kg (Rs 89.19), June at Rs 90.31 (Rs 90.17), July at Rs 90.30 (Rs 90.22), and August at Rs 89.10 (Rs 89.22) for RSS 4. RSS 3 weakened to Rs 97.52 from Rs 97.94 at Bangkok spot. May futures for the grade closed weak at 246.7 yen (Rs 96.50) against 247.5 yen a kg at TOCOM. Spot rates (Rs a kg): RSS-4 89.50 (88.50), RSS-5 88.50 (87), ungraded 87.50 (86), ISNR 20 88 (86), and latex 60 % (per litre) 62 (62).
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