Business Daily from THE HINDU group of publications
Saturday, Nov 17, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Nov 17, 2007 ePaper | Mobile/PDA Version |
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Agri-Biz & Commodities
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Rubber Buyer resistance hits spot rubber Our Correspondent Kottayam, Nov. 16 International rubber prices continued to explore further lows on Friday. The December futures for RSS 3 declined to 261.3 yen (Rs 93.49) from 266.3 yen a kg at TOCOM following the strengthening of yen against the dollar but the prices recovered partially towards close on short-covering coupled with fresh buying at lower levels. The grade fell by 99 paise to Rs 97.63 a kg at Bangkok. In the physical front, sheet rubber RSS 4 lost its grip and moved down to Rs 95.50 a kg from Rs 97.00 a kg both at Kottayam and Kochi. The market made all round declines on buyer resistance amidst low volumes indicating the scarcity of the raw material. Sill certain dealers and growers were seen selling their stocks prior to the peak production season. Futures downThe rubber futures resumed the downward journey quoting the December contract at Rs 96.02 (Rs 97.66) a kg on MCX. On NMCE, the December contract fell to Rs 96.30 (Rs 97.28), January to Rs 98.00 (Rs 98.94), February to Rs 99.70 (Rs 100.25) and March to Rs 101.17 (Rs 103.00) per kg for RSS 4. Spot rubber prices were (Rs/kg): RSS-4: Rs 95.50 (Rs 97.00); RSS-5 Rs 93.00 (Rs 95.00); Ungraded Rs 87.50 (Rs 90.00); ISNR 20: Rs 92.00 (Rs 93.00); and Latex 60%: Rs 63.50 (Rs 64.00). More Stories on : Rubber
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