Agri Business

Spot rubber dips on panic selling

Our Correspondent Kottayam | Updated on June 22, 2011

Domestic rubber prices lost heavily on Wednesday. In the spot, prices fell on panic selling by dealers, following sharp declines in domestic and international futures. According to sources, there was no visible improvement in arrivals as growers were still not prepared to sell their stocks since they expected better quotes during the ongoing low production season. Along with this, the absence of quantity buyers kept the market under pressure and it sought lower levels amidst comparatively dull volumes.

Sheet rubber declined to Rs 217.50 (222.50) a kg, as quoted by the traders. The grade surrendered to Rs 218.00 (222.50) a kg both at Kottayam and Kochi, according to the Rubber Board.

The July series weakened to Rs 212.65 (219.90), August to Rs 215.84 (221.77), September to Rs 215.15 (220.01) and October to Rs 214.50 (220.00) a kg for RSS 4 on the National Multi Commodity Exchange.

RSS 3 (spot) closed at Rs 221.73 (226.06) a kg at Bangkok. Its June futures dropped to ¥ 393.0 (Rs 219.79) from ¥ 400.7 a kg during the day session but then remained inactive in the night session on Tokyo Commodity Exchange.

The spot rubber rates (Rs/kg) were: RSS-4: 217.50 (222.50); RSS-5: 215 (220); Ungraded: 213 (218); ISNR 20: 215 (219) and Latex 60%: 137 (139).

Published on June 22, 2011

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