The Hindu Business Line : Rubber prices down on selling pressure

SELLING at higher levels softened the physical rubber prices on Friday. The much-awaited Rs 60 levels tempted most of the traders to book profit at least partially.

Certain growers also joined the sellers queue while major buyers preferred to stay back. As international market quotes rule below the domestic price band, a correction is necessary for a healthy market, according to observers.

At Kottayam and Kochi, sheet rubber closed weak at Rs 59.50 a kg against Rs 59.75 on Thursday.

The rubber futures continued to stay weak in tune with spot prices though the global trend was mixed. The May contract for RSS 4 was traded at Rs 59.85 (Rs 60.22), June at Rs 61.88 (Rs 62.28), July at Rs 62.85 (Rs 63.33) and August at Rs 62.50 (Rs 62.90) per kg.

RSS 3 slipped to 141.8 yen from 142 yen a kg for its May futures at TOCOM.

Spot market rates a kg were: RSS-4: Rs 59.50 (Rs 59.75), RSS-5: Rs 58.50 (Rs 58.75), ungraded: Rs 57.75 (Rs 58.00), ISNR 20: Rs 58.00 (Rs 58.25) and latex 60%: Rs 39.50 (Rs 40.00).

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