Prices of natural rubber, a key component for making tyres, on Thursday closed at Rs 230 per kg in Kottayam and Ernakulam, which accounts for 90% of the country's production.
According to industry sources, the rally in natural rubber prices is due to the surge in prices of the commodity in the international market. Natural rubber prices in the global market touched a fresh high of Rs 250 per kg as strong demand from China and the US is fuelling the prices of the commodity.
A surge in demand from the US on the back of better-than-expected growth in the automotive segment is further pushing the global prices of the commodity and the impact is also felt on the domestic market, said an expert. India's production of natural rubber in 2010 is estimated at around 8.5 lakh tonnes, whereas the total demand for natural rubber in the country is nearly 10 lakh tonnes per annum.
(Source: http://timesofindia.indiatimes.com/business/india-business/Rubber-prices-at-record-high-on-global-cues/articleshow/7332875.cms)
Friday, January 21, 2011
Rubber prices at record high on global cues
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