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Tuesday, Jul 11, 2006

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Agri-Biz & Commodities - Rubber
Sharp fall in spot rubber on panic selling


Kottayam , July 10

The week opened with a sharp fall in spot rubber prices. Prices fell on panic selling by dealers as the international indices lost ground on heavy long liquidation and bear hammering.

There were no buyers even at lower levels as trend setting TOCOM hit the lower circuit in most of its distant contracts. Sheet rubber declined to Rs 100 a kg from Rs 103.50 and 103 a kg, respectively at Kottayam and Kochi.

Futures decline

The domestic rubber futures followed the trend on NMCE. The July contract was quoted at Rs 99.99 (Rs 102.13), August Rs 100.02 (Rs 102.99), September Rs 98.19 (Rs 101.09) and October contract at Rs 96.40 (Rs 98.55) per kg for RSS 4.

The volumes totalled 1,613 lots with123 lots in July, 1,177 in August, 293 lots in September and 20 lots in October.

The August futures for RSS 3 moved down to 294.8 yen (Rs 119.61) against 304.3 yen a kg at TOCOM. Spot prices per kg were: RSS-4: Rs 100 (Rs 103.50); RSS-5: Rs 98 (Rs 99.50); Ungraded: Rs 95 (Rs 96.50); ISNR 20: Rs 96 (Rs 98.50); and Latex 60 per cent: Rs 77.87 (Rs 78.40).

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