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Friday, Aug 05, 2005

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Rubber falls further on global trends

Our Correspondent

Kottayam , Aug 4

DOMESTIC rubber prices continued to suffer heavy losses on Thursday. Panic selling by dealers and growers hammered the prices following another crash in major overseas markets.

Trade enquiries from the industrial centres in Maharashtra and Gujarat were also very thin owing to cessation of factory operations due to flood. The non-tyre sector also preferred to wait for the prices to stabilise at lower levels. Sheet rubber fell to Rs 66.50 a kg from Rs 68.25 and Rs 67.50 respectively at Kottayam and Kochi. The under current appeared extremely weak as all grades including latex lost heavily on hectic selling.

The NMCE rubber futures declined further, quoting the August delivery contract at Rs 66.83 (Rs 68.05), September at Rs 66.47 (Rs 64.34), October at Rs 60.90 (Rs 61.57) and November contract at Rs 60.10 (Rs 60.62) per kg for RSS 4.

Volumes were better at 2,416 lots, recording 1,103 lots in August, 1,144 in September, 67 in October and 102 in November till the mid session.

The physical rubber prices (per kg) were: RSS-4: Rs 66.50 (Rs 68.25); RSS-5: Rs 62 (Rs 64); ungraded: Rs 59 (Rs 60); ISNR 20: Rs 58 (Rs 58.50) and Latex 60 per cent: Rs 40.50 (Rs 41).

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