Spot rubber prices gain on rains

Spot rubber continued to rule firm on Thursday. According to observers, incessant rains during the past few days adversely affected tapping and production across the plantations and hence most of the growers were hesitant to sell their stocks at the prevailing levels.
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Dec 12, 2008, 08.45 AM | Source: Business Line

Spot rubber prices gain on rains

Spot rubber continued to rule firm on Thursday. According to observers, incessant rains during the past few days adversely affected tapping and production across the plantations and hence most of the growers were hesitant to sell their stocks at the prevailing levels.

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Spot rubber prices gain on rains

Spot rubber continued to rule firm on Thursday. According to observers, incessant rains during the past few days adversely affected tapping and production across the plantations and hence most of the growers were hesitant to sell their stocks at the prevailing levels.

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Kottayam, Dec. 11

Spot rubber continued to rule firm on Thursday. According to observers, incessant rains during the past few days adversely affected tapping and production across the plantations and hence most of the growers were hesitant to sell their stocks at the prevailing levels.

A weak closing in Japanese futures failed to dampen the sentiments and sheet rubber moved up to Rs 61 from Rs 60 a kg on covering purchases.

Global recession and low price of crude are the immediate reasons for the sharp declines in rubber prices, according to Prof. P.K.Devasia, a small grower and an analyst. As per the present indications it is most likely that the price would further go down to Rs 40-45 a kg. At the moment, the export of rubber is not practicable due to the low international demand, he said.

Futures weaken

The December futures for RSS 3 weakened to 99 (Rs 52.05) from 100, January to 100.3 (102.1), February to 102.8 (106.0), March to 105.4 (107.7), April to 107.1 (110.1) and May to 110 (112) a kg at TOCOM. RSS 3 spot closed at Rs 54.62 a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 61 (60); RSS-5: 59 (57.50); ungraded: 58 (56); ISNR 20: 58.50 (57) and latex 60 per cent: 44 (44).

Taken from Business Line

thehindubusinessline.in

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