Spot rubber flares up on demand
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The domestic rubber prices flared up sharply above the international rates on Tuesday. Surprisingly the sharp increase of Rs 3 a day appears to be quite unusual as it indicates the abnormal scarcity of the commodity in the market. The growers also do not have even the minimum stock though the time is ripe for good catches. RSS 4 improved to Rs 137 from Rs 134 a kg catalysed by the aggressive buying from major consuming sectors. The tyre sector has been active on sheet rubber up to Rs 136 a kg.
May hit Rs 140
"We expect the market to cross Rs 140 a kg shortly as the fundamentals are strong enough to create a new all time high'' , an observer said. The July contract for RSS 3 managed to finish in green at ¥332.8 (Rs 133.97) from ¥332.1, August at ¥331.9 (331.6), September at ¥331.8 (331.6), October at ¥330.8 (330.7), November at ¥331.8 (330.8) and December at ¥330.6 (330.3) a kg on TOCOM. Its spot slipped to Rs 136.91 (137.09) a kg at Bangkok. Spot prices were (Rs/kg): RSS-4: 137 (134); RSS-5: 134 (132); ungraded: 132 (130); ISNR 20: 133 (131) and latex 60 per cent: 90 (89).
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Source : Business Line |
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