Spot rubber hit another all-time high on Thursday. The market improved on fresh buying and short covering catalyzed by the sharp gain in Bangkok spot price. According to analysts, the prices were set to explore further highs as supply concerns continued to lead the market to unforeseen levels in anticipation of more purchases from tyre makers.
The small scale industries using rubber as raw material are put to severe hardships and 30 per cent of them have all ready downed shutters, said the Kerala Small Scale Industries Association.
If effective steps are not taken to overcome the present crisis, the entire small units in Kerala will have to be closed down, according to Dr. T.C. Joseph, District President.
Sheet rubber increased to Rs 229.50 (227.00) a kg according to traders. The grade firmed up to Rs 230 (228) a kg, according to the Rubber Board.
FUTURES IMPROVE
RSS 4 improved further with February contracts rising to Rs 238.90 (234.40), March to Rs 245.15 (240.26), April to Rs 253.99 (249.30) and May to Rs 260 (255.68) a kg for on the National Multi Commodity Exchange.
RSS 3 (spot) flared up to Rs 257.73 (252.28) a kg at Bangkok. Its January futures slipped to ¥464.1 (Rs 257.04) from ¥465 a kg during the day session but then bounced back to ¥466.5 (Rs 258.38) in the night session on the Tokyo Commodity Exchange.
Spot rates were (Rs/kg): RSS-4: 229.50 (227); RSS-5: 223 (220); ungraded: 215 (211); ISNR 20: 224 (223) and latex 60 per cent: 155 (153).
(Source: http://www.blonnet.com/2011/01/21/stories/2011012150852000.htm)
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