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Friday, Apr 21, 2006

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Rubber scales new peak

Our Correspondent

Kottayam , April 20

The rubber market broke all previous records on Thursday. Sharp gains in the overseas markets and the domestic short supply strengthened the bull trend while covering groups lifted the prices to new highs. Volumes have been slightly better than the previous sessions.

The international indices were mostly influenced by crude oil prices hitting $72.1 a barrel and the trend is likely to continue due to fundamental reasons, sources said. The markets might be more volatile in the days ahead and traders are advised to be more cautious at higher levels.

Sheet rubber flared up to Rs 88 and Rs 88.50 a kg respectively at Kottayam and Kochi from Rs 87 a kg on Wednesday. Major manufacturers were not active on sheet rubber above Rs 87 a kg and latex 60% remained unchanged on comparatively low demand and better supply.

June contracts top Rs 90

The NMCE rubber futures recorded sharp gains following the global guidance. The May contract was quoted at Rs 88.90 (Rs 87.96); June Rs 90.42 (Rs 89.71); July Rs 90.40 (Rs 89.72); and August contract Rs 89.49 (Rs 89.21) a kg for RSS 4.

Spot rates (Rs a kg) were: RSS-4 Rs 88 (Rs 87); RSS-5 Rs 87 (Rs 86); Ungraded Rs 86 (Rs 84.50); ISNR 20 Rs 86 (Rs 85); and latex 60% (per litre) Rs 61 (Rs 61).

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