Rubber prices slip below Rs 100/ kg
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The domestic rubber prices nosedived breaking the magical Rs 100 mark on Tuesday. RSS 4 moved down to Rs 95 from Rs 100 a kg on Monday. According to sources, the absence of quantity buyers and fears on further falls prior to the peak production season kept the market under pressure during the session. “ Though there was no immediate selling pressure from growers below Rs 100 levels, we expect an increase in arrivals once the market fails to recover from the ongoing bear spell,” an observer said. Besides the international price situation, there are no visible developments in India for such a steep fall in prices according to Advocate Joy Nadukkara, Ex. MP and President, Meenachil Rubber Marketing and Processing Cooperative Society. But as the peak production season is quite ahead in November- December, there is a concerted move on the part of the manufacturers to expedite the fall till then, he told Business Line.
FUTURES DECLINE
RSS 3 ( spot) declined to Rs 111.86 ( 117.18) a kg at Bangkok . The October contract for the grade moved down further to ¥ 233.90 ( Rs 109.56) from ¥ 247.40, November to ¥ 235.9 ( 246), December to ¥ 223.5 ( 228.2), January to ¥ 221.6 ( 226.2), February to ¥ 222.0 ( 226.6) and March to ¥ 221.4 ( 226.3) a kg at TOCOM. Spot rates a kg were: RSS- 4: 95 ( 100); RSS- 5: 93 ( 97); Ungraded: 90 ( 95); ISNR 20: 91 ( 96) and Latex 60 per cent: 73 ( 74).
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Source : Business Line |
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