India: Domestic rubber prices fall 8th straight day to Rs 233.50

India: Domestic rubber prices fall 8th straight day to Rs 233.50
WEDNESDAY, MAY 4, 2011

New Delhi, May 3 (PTI) Natural rubber prices declined for the eight straight day today falling by Re 1 to Rs 233.50 per kg in the domestic spot markets on commencement of the tapping season.
The domestic prices of natural rubber were ruling at Rs 234.50 per kg yesterday, according to the Rubber Board data.
Rubber prices had jumped to a high of Rs 240 per kg on April 25. Thereafter prices began to fall after farmers started clearing off their old stock, analysts said.
Besides, tapping of rubber from trees has also begun from last few days in India and would continue till the month-end. Even in countries like Thailand and Indonesia, farmers have started tapping, they added.
"Domestic prices are down because there is increased arrival of old stock in the market and tapping of rubber has also started," Cochin Rubber Merchants Association Ex-President N Radhakrishnan told PTI.
The commencement of tapping in other rubber producing countries has affected global market, where prices fell by Rs 2.66 to Rs 243.14 per kg today, compared to Rs 245.80 per kg yesterday, the data showed.
Indian rubber market follows the prices trend of the global market.
Meanwhile, futures price of rubber for delivery in May at commodity bourse NMCE closed its first session slighly up by Rs 1.4 to Rs 231.99 per kg.




Spot rubber declines on buyer resistance
WEDNESDAY, MAY 4, 2011

KOTTAYAM, MAY 3:
Spot rubber weakened further on Tuesday. The prices slipped on buyer resistance lacking positive factors to keep the commodity on the higher side. According to observers, traders lost confidence to enlarge their commitments as the trend setting Japanese markets were on long holidays. The trend was mixed.
Sheet rubber slipped to Rs 233 (233.50) a kg according to traders. The grade declined to Rs 233.50 (234.50) a kg both at Kottayam and Kochi as quoted by the Rubber Board.
The May futures improved to Rs 231.99 (231.85), June to Rs 236.85 (235.79), July to Rs 238.04 (237.96), August to Rs 233.50 (232.06), and October to Rs 228.40 (226.65) while the September futures moved down to Rs 227.50 (228.50) per kg for RSS 4 on the National Multi Commodity Exchange (NMCE).
RSS 3 (spot) weakened to Rs 243.14 (245.80) a kg at Bangkok. The Tokyo Commodity Exchange (TOCOM) remained closed owing to Constitution Memorial Day.
Spot rates were (Rs/kg): RSS-4: 233 (233.50); RSS-5: 231 (231.50); ungraded: 227 (227); ISNR 20: 223 (225) and latex 60 per cent: 142 (144).