Published on Tue, May 27, 2008 at 16:49 | Source : CNBC-TV18
Updated at Wed, May 28, 2008 at 11:12
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Rubber hits all-time high of Rs 136/kg
India rubber has hit an all-time high of Rs 136 per kg. Prices have gained 10% during this week. Crude prices play a major role in this price rise as crude is used for processing rubber to make synthetic rubber.
India rubber has hit an all-time high of Rs 136 per kg. Prices have gained 10% during this week. Crude prices play a major role in this price rise as crude is used for processing rubber to make synthetic rubber.
In the international markets as well, the rubber prices are surging. In Tokyo, rubber prices are at a 28-year high. In Thailand and China too, there are strong gains.
India had banned future trading in rubber on May 7 to rein in volatility that doesn't seem to have helped as most factors are fundamentally on the stronger side.
Sellers have been holding stocks in anticipation of further rise in prices. In April, the rubber output in India was up 6%. But the consumption was also up 13%.
The Rubber Board of India projects the 2008-09 output at 8.75 lakh tonne and consumption at 8.99 lakh tonne.
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