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Thursday, Jan 06, 2005

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Rubber prices ease on buyer resistance

Our Correspondent

Kottayam , Jan. 5

AS part of an effort to cool down the domestic physical rubber prices, manufacturers, covering groups and major stockists put a halt to their procurement on Wednesday.

Reacting to the strong buyer resistance, RSS 4 slipped to Rs 54.25 from Rs 54.75 a kg on Tuesday. Certain traders preferred to reduce their stocks to be on the safer side but ungraded rubber closed steady on moderate demand from the general rubber goods sector and north Indian buyers. ISNR 20 was also static but inactive, while the other grades lost during a rather dull trading session.

The rubber futures continued to stay in the bearish orbit while the January delivery was quoted at Rs 53.80 against Rs 54.10 a kg on Wednesday. The near month February delivery was quoted at Rs 54.85 (Rs 55.16), March delivery at Rs 56.05 (Rs 56.31), and April delivery at Rs 57.44 (Rs 57.56) per kg for RSS 4. The transactions were not impressive.

At TOCOM the February futures for RSS 3 closed at 124.5 yen against 124.3 yen a kg on Tuesday

Spot rubber rates were: RSS 4 Rs 54.25 (Rs 54.75); RSS 5 Rs 52.25 (Rs 52.50); ungraded Rs 51 (Rs 51); ISNR 20 Rs 52.25 (Rs 52.25); latex 60% Rs 41 (Rs 42).

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