The Hindu Business Line : Spot rubber rules firm

The rubber prices firmed up on Friday. Covering groups and purchase agents turned aggressive as the international indices made sharp gains catalysed by the uptrend in oil and precious metals futures. Sheet rubber RSS 4 moved up to Rs 124.50 a kg from Rs 123 a kg as the market continued to suffer from low supply. The Government should refrain from any action to ban the export of rubber according to Prof. K.K Abraham Chairman, Indian Block Rubber Processors Association.

The statement of the Chairman, Rubber Board that the manufacturers are putting pressure on the Government to ban the export had caused much anxiety to the rubber growers and rubber processing industry. The Government yielded to a similar request earlier and suspended futures trading in rubber.

The rubber market escaped from a collapse only because the global prices flared up, he said. RSS 3moved up sharply at its June contract to 330.9 (Rs 133.02) from 322.6, July to 330.6 (323.2), August to 331.7 (324.3), September to 331.1 (324.9), October to 331.7 (326.5) and November to 334.1 (327.4) a kg at TOCOM. The grade's spot shot up to Rs 134.81 from Rs 131.84 a kg at Bangkok.

Spot prices were: RSS-4: 124.50 (123); RSS-5: 119.50 (118); ungraded: 114.50 (113.50); ISNR 20: 117 (116) and latex 60 per cent: 82.50 (82).

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