Rubber prices dropped sharply on Monday. Sharp declines in the global trendsetters to a 2009 low on concerns of a weak Chinese economy and global oversupply kept local prices under pressure during the day.
There were no genuine buyers even at lower levels as major consuming industries stayed away as they had ample imported stocks. “We expect the commodity to fall below ₹130 a kg soon,’’ a trader said.
Sheet rubber declined to ₹140 (₹144), according to traders and the Rubber Board. The grade dropped to ₹137 (₹141) as quoted by the dealers. May futures slipped to ₹138.09 (₹143.84), June to ₹140.51 (₹146.36) and July to ₹140.76 (₹146.62) while the Rubber Mini May futures dropped to ₹139.25 (₹142.38) on the National Multi Commodity Exchange. RSS 3 (spot) nosedived to ₹128.88 (₹135.61) at Bangkok. April futures weakened to ¥201.7 (₹ 118.82) on the Tokyo Commodity Exchange. Spot rubber rates (₹/kg) were : RSS-4: 140 (144); SS-5: 136 (140); Ungraded: 130 (135); ISNR 20: 130 (133) and Latex 60%: 114 (118).