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Thursday, Apr 21, 2005

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Rubber flares up on panic buying

Our Correspondent

Kottayam , April 20

SPOT rubber rates flared up on Wednesday. Though certain tyre companies were reported to have quoted Rs 59 a kg for sheet rubber, hectic buying from the covering groups pushed up the prices to further highs.

Rumours on acute shortage of the raw material cushioned the market mood and major grades gained on all-round buying interests. RSS 4 improved to Rs 59.50 a kg from Rs 58.75 and Rs 59, respectively at Kottayam and Kochi. Meanwhile, latex 60 per cent closed steady due to low demand.

NMCE rubber features showed a mixed trend on Wednesday. The May contract was quoted at Rs 60.60 (Rs 60.40), June at Rs 62.58 (Rs 62.41), July at Rs 63.30 (Rs 63.43) and August at Rs 63.20 (Rs 63.27) per kg for RSS 4. The market opened better but profit booking from traders put pressure on the prices.

RSS 3 improved to 143 yen from 141.6 yen a kg for its May futures at TOCOM. The physical rubber rates per kg follow: RSS-4: Rs 59.50 (Rs 58.75), RSS-5: Rs 58.25 (Rs 57.50), ungraded: Rs 57.50 (Rs 56.75), ISNR 20: Rs 57.75 (Rs 57) and latex 60%: Rs 40 (Rs 40).

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