Financial Daily from THE HINDU group of publications
Sunday, May 07, 2006
Financial Daily from THE HINDU group of publications Sunday, May 07, 2006 |
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Agri-Biz & Commodities
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Rubber Rubber stretches record run Aravindan
Kottayam , May 6 The rubber market has witnessed yet another record closing on Saturday. The covering groups and purchase agents continued to give high offers taking advantage of the sellers absence in the main marketing centres. Sheet rubber shot up to Rs 92 and Rs 92.50 a kg from Rs 90.75 and Rs 91 a kg respectively at Kottayam and Kochi. According to available statistics, the transactions recorded at the quoted levels were almost nil. Most of the players have been expecting the indigenous market to trigger off, once the Japanese commodity exchanges open firm on Monday. But a bearish opening in international indices might put immense pressure on domestic prices, sources said.
Futures higher
The rubber futures also moved up reacting to the extreme positive sentiments on NMCE. The May contract closed at Rs 92.15 (Rs 91.93) June contract at Rs 94.60 (Rs 93.79), July at Rs 94.65 (Rs 93.86) and August contract at Rs 92.40 (Rs 91.31) per kg for RSS 4. The May contract for the grade was quoted at Rs 92.99 against Rs 91.68 a kg on MCX. The volumes totalled 1411 tonnes on NMCE recording 342 tonnes in May, 601 tonnes in June, 272 tonnes in July and 196 tonnes in August till mid session. Spot rates (Rs a kg) were: RSS-4: Rs 92 (Rs 91); RSS-5: Rs 90.75 (Rs 89.75); ungraded: Rs 90 (Rs 88.75); ISNR 20: Rs 90.50 (Rs 89.25) and latex 60 per cent (per litre): Rs 70 (Rs 68).
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