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Physical rubber prices lost heavily on Monday. The market opened weak and surrendered further as Key Tokyo rubber futures crashed to an 1-month low following a sharp drop in global equities late last week on concerns over global economic growth and Europe's debt crisis. The trend was also catalysed by another weak closing on the National Multi Commodity Exchange (NMCE). “There has been no panic selling from dealers or growers but we expect more of them to join the sellers' queue once RSS 4 moves bellow the Rs 200 level '', analysts observed.
Sheet rubber declined to Rs 210 (214) a kg, according to traders. The grade dropped to Rs 211 (214) a kg both at Kottayam and Kochi, as quoted by the Rubber Board.
RSS 4 weakened at its October series to Rs 210.44 (212.07), November to Rs 208 (209.21), December to Rs 208.88 (210.63), January to Rs 209.40 (212.28) and February to Rs 210.20 (211.72) a kg on NMCE.
RSS 3 (spot) dropped to Rs 219.74 (224.17) a kg at Bangkok. The September futures for the grade nosedived to ¥315.4 (Rs 204.67) from ¥330 a kg during the day session and then to ¥302.7 (Rs 196.43) a kg in the night session on the Tokyo Commodity Exchange.
Spot rates were (Rs/kg): RSS-4: 210 (214); RSS-5: 207 (208); ungraded: 198 (199); ISNR 20: 207 (209) and latex 60 per cent: 133 (134).
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