Market on July 23: Spot rubber declines on global cues

KOTTAYAM, JULY 23:

Domestic rubber prices declined on Monday. The markets fell, following sharp declines in international indices as intensified worries over the Euro Zone debt crisis dragged down natural rubber along with other commodities and equities globally.

Sheet rubber weakened to Rs 180 from Rs 183 and Rs 182.50 a kg respectively, according to traders and the Rubber Board. According to observers, there were no buyers on the grade even at lower levels.

In the futures market, the August series declined to Rs 175.51 (179.06), September to Rs 174.70 (177.99), October to Rs 175.50 (178.26) and November to Rs 175.20 (177.25) a kg on the National Multi Commodity Exchange.

The Shanghai rubber futures hit its daily lower limit, while TOCOM rubber futures shed more than four per cent to land on a three week low. Deteriorating financial health of Spain, the Euro Zone’s fourth largest economy is expected to worsen the situations in the area.

RSS 3 (spot) dropped to Rs 171.71 (174.02) a kg at Bangkok. The July futures nosedived to ¥223 (Rs 159.51) from ¥234 during the day session and then to ¥219 (Rs 156.59) in the night session on the Tokyo Commodity Exchange.

Spot rates were (Rs/kg): RSS-4: 180 (183); RSS-5: 175 (177); ungraded: 168.50 (172); ISNR 20: 172 (175) and latex 60 per cent: 129.50 (130.50).

Source: http://www.thehindubusinessline.com/industry-and-economy/agri-biz/article3675248.ece