Rubber prices turn weak

Print this page Posted on : 09-24-2008 by recycleinme.com

Rubber prices turned weak on Tuesday. Major grades lost grip as covering purchases came to an end. RSS 4 moved down to Rs 134 from Rs 136 a kg, lacking fresh buyers from leading consuming industries. The trend was mixed as ISNR 20 and latex 60% finished unchanged, and according to an analyst, the market seemed to be slipping slowly and steadily into a bearish phase. "The small rubber growers are even compelled to exploit the trees now. Many growers have already shifted to sheet rubber. The Rubber Board is also encouraging them and advising them for group processing," Mr K. Jacob Thomas, Vice-Chairman of Rubber Board and Managing Director Vaniampara Rubber Company, told Business Line.

Utlising latex

"Our company has decided to utilise 20 per cent of latex for sheet rubber production. Harrisons, Plantation Corporation of Kerala and so on, are also moving in this direction. The availability of sheet rubber will definitely go up," he added. RSS 3 spot declined to Rs 129.48 (Rs 131.27) a kg at Bangkok. The Tokyo Commodity Exchange remained closed on account of Autumnal Equinox Day. The per kg spot rubber rates were: RSS-4 Rs 134 (Rs 135.50); RSS-5: Rs 132.50 (Rs 133.50); Ungraded: Rs 128.50 (Rs 130); ISNR 20: Rs 125.50 (Rs 125.50) and Latex 60%: Rs 78 (Rs 78).

Source : Business Line