Spot rubber plunges further
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Domestic rubber prices made yet another sharp fall on Friday. The sentiments were extremely bearish and sheet rubber RSS 4 declined to Rs 84 from Rs 90 a kg on the previous trading session.The market witnessed all-round declines on buyer resistance as certain traders rushed to join the sellers queue to book losses. According to informed sources, a leading tyre manufacturer bought sheet rubber at lower levels. The rubber prices collapsed under the impact of the falling crude oil prices, Mr Sajen Peter, Chairman Rubber Board told Business Line. The average price of natural rubber during 2007-08 was Rs 90.70 as against Rs.92.30 during 2006 -2007. But during the current year it is between Rs 95 and Rs 100. In its downward journey, rubber prices will have to settle somewhere.
Futures decline
Rubber futures on the Tokyo Commodity Exchange nosedived catalysed by heavy long liquidation and fresh selling following declines in oil futures and yen's rise against dollar.The October contract for RSS 3 declined to ¥194.2 (Rs 95.15) from ¥210.5, November to ¥196.6 (212.6), December to ¥190.9 (206.7), January to ¥190.2 (205.6), February to ¥190.3 (206.2) and March to ¥191 ( 206.9) a kg at TOCOM. RSS 3 (spot) fell to Rs 103.59 (106.69) a kg at Bangkok. Spot rates were (Rs/kg): RSS-4: 84 (90); RSS-5: 80 (88); ungraded: 75 (86); ISNR 20: 79 (85) and latex 60 per cent: 70 (73).
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Source : Business Line |
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