The Hindu Business Line : Spot rubber declines to Rs 112 a kg

Kottayam, Sept. 30 Rubber prices nosedived on Tuesday. Sharp declines in international futures mainly TOCOM kept the domestic market under pressure during the day.

Most of the grades lost heavily on buyer resistance amidst panic selling from dealers. RSS 4 fell to Rs 112 from Rs 121 a kg as there were no buying orders from any leading consuming industries even at lower levels.

According to an observer, even covering purchases are not expected to emerge during these days to rescue the market till the end of the week. The crash in the international market was followed by yet another crash in the domestic market which meant that both the falls were designed to work in tandem. It can be defined as a psychological crash, Mr.N.Radhakrishnan, President of the Cochin Rubber Merchants Association told Business Line. The extent of the downtrend could not be predicted, he said.

Futures slip

The October futures for RSS 3 declined to ¥262.7 (Rs 116.45) from ¥285, November to ¥259.6 (275.6), December to ¥252.8 (268.5), January to ¥250.8 (266.5), February to ¥251.1 (267.1) and March to ¥250.9 (266.9) a kg at TOCOM. RSS 3 spot weakened to Rs 127.05 (129.07) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 112 (121); RSS-5: 110 (118); ungraded: 105 (114); ISNR 20: 109 (116) and latex 60 per cent: 76 (77).

More Stories on : Rubber

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Wet spell over east as cyclonic whirl persists

The Pusa 1121 puzzle

How safe are our seeds?

In plenty

Global prune body launches drive to boost consumption

Self-sufficiency in vegetables

Spot rubber declines to Rs 112 a kg

Record soyabean output seen

Takes over as SOPA Chairman

Karnataka cashew body poll

Guar gum exports may drop on economic slowdown