Agri Business

Panic sales sap spot rubber

Aravindan Kottayam | Updated on February 24, 2011 Published on February 24, 2011

rubber sheets   -  Business Line

Physical rubber prices fell further on Wednesday. Sharp declines on the National Multi Commodity Exchange kept traders under pressure during early trades but prices managed to sustain at the prevailing levels following a partial recovery in domestic futures. RSS 4 was hit badly as buyers stayed back letting the grade to fall freely on an almost panic selling from dealers and growers.

Sheet rubber nosedived to Rs 230 (237) a kg, according to traders. The grade declined sharply to Rs 231 (238) a kg both at Kottayam and Kochi, as quoted by the Rubber Board.

RSS 4 surrendered at its March series to Rs 229.20 (232.56), April to Rs 239.01 (241.89), May to Rs 245.50 (247.91), June to Rs 250.36 (253.36) and July to Rs 252 (254.66) a kg on the NMCE.

The March futures weakened to ¥514.4 (Rs 280.94) from ¥521.8 during the day session but then recovered to ¥521.6 (Rs 284.85) a kg in the night session on the Tokyo Commodity Exchange. RSS 3 (spot) slipped to Rs 289.31 (292.05) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 230 (237); RSS-5: 225 (230); ungraded: 220 (225); ISNR 20: 230 (238) and latex 60 per cent: 145 (146).

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Published on February 24, 2011
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