Iran's announcement over the weekend that it
had stopped selling crude oil to British and French companies has push crude
prices higher. The Oil price at Brent has climbed to $120.11 a barrel after
Tehran retaliated to Europe's latest sanctions over the country's nuclear
programme.
Global natural rubber prices have been hovering around Rs 200
per kg. The Indian rubber prices are at around Rs 185 per kg and the gap
between Indian and international rubber prices is widening due to a subdued
domestic demand. Rubber growers are reluctant to release their holding at the
current price. Tapping is expected to slow down further as summer advances.
On 21st February, RSS4 grade closed at Rs
185.50 a kg at Kottayam and RSS3 grade increased to Rs 201.81 from Rs. 201.35 a
kg at Bangkok. The February futures for the grade increased to ¥312.9 from ¥309.5
a kg and March closed at ¥315.2, April at ¥318.8, May at ¥322.2, June at ¥326
and July at ¥328.4 on the Tokyo Commodity Exchange.
Thailand’s market intervention price scheme
is yet to come into effect, global rubber prices have been looking up since
then.
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