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Wednesday, Jul 27, 2005

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Fresh buying, rains inflate rubber prices

Our Correspondent

Kottayam , July 26

THE domestic rubber market continued to explore new highs on Tuesday. RSS 4 flared up to Rs 70 a kg at Kottayam and Kochi from Rs 69 and Rs 69.50 respectively on fresh buying and short covering.

Widespread rains since Monday evening put further pressure on buyers to quote higher while there were no quantum sellers even at higher levels. Arrivals declined further reflecting the strong sentiments of the producing sector though a mixed trend prevailed in the market as ISNR 20 and latex were steady on low demand.

Meanwhile ungraded rubber bounced back on enquiries from the general rubber goods sector.

The NMCE improved further even amidst almost steady reports from the major overseas futures markets. The August contract was quoted at Rs 69.95 (69.12), September at Rs 66.80 (66.11), October at Rs 63.08 (62.89) and November contract at Rs 62.20 (61.20) per kg for RSS 4.

The transactions were better at 2,509 lots till mid session recording 1,675 lots in August, 714 lots in September, 94 lots in October and 26 lots in November.

At TOCOM, the August futures for RSS 3 closed at 204.2 yen against 204.1 yen a kg. The physical rubber prices per kg were as follows: RSS-4: Rs 70 (69),

RSS-5: Rs 67 (66), ungraded: Rs 62 (61), ISNR 20: Rs 60 (60) and latex 60%: Rs 41 (41).

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