Spot rubber prices scaled unprecedented heights on Wednesday. In spot, RSS 4 moved above its January futures on the National Multi Commodity Exchange (NMCE), creating another record high on fresh buying and short covering. It was hard to find any bearish factors in the market that could dampen the sentiments in short term.
The market moves in tune with the global rates. There is 20-22 per cent increase in overall production, while tyre companies procure rubber not only for immediate requirement but to reserve a comfortable stock in view of the record price rise every day, said Mr Ibrahim Jalal, Treasurer, Indian Rubber Dealers Federation. Large growers also hold the produce for better catches in the days ahead, he said.
Sheet rubber firmed up to Rs 220 (217) a kg, according to dealers. The grade increased to Rs 219.50 (216.50) a kg both at Kottayam and Kochi according to reports from the Rubber Board.
The January series for RSS 4 closed at Rs 218 (218.02), February at Rs 225.90 (226.33), March at Rs 231.60 (231.80) and April at Rs 239 (237.80) a kg on the NMCE.
RSS 3 (spot) slipped to Rs 241.22 (242.87) a kg at Bangkok. The January futures for the grade flared up to ¥441.5 (Rs 239.53) from ¥432 a kg during the day session and then to ¥442 (Rs 239.80) in the night session on the Tokyo Commodity Exchange.
Spot rates were (Rs/kg): RSS-4: 220 (217); RSS-5: 208 (206.50); ungraded: 205 (202); ISNR 20: 215 (213) and latex 60 per cent 150 (149).
(Source: http://www.blonnet.com/2011/01/13/stories/2011011351801800.htm)
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