Monday, July 8, 2013

Is rubber inching up for a fall?


Oil prices climbed after jobs data from the US beat expectations, boosting confidence in the world’s biggest economy. Rubber climbed as Japan’s currency declined to a five-week low against the dollar, boosting the appeal of yen-denominated contracts. The currency is currently trading at 101.21 against dollar at 11.33 GMT. Today, rubber contract on the Tokyo Commodity Exchange for delivery in December declined to ¥240.1 a kg, after touching a high of ¥247.8 a kg.

In the Indian market, shortage of natural rubber is pushing up prices. At Kottayam, RSS4 grade closed at `.190 a kg, while RSS3 grade closed at `.160.24 a kg at Bangkok and Malaysian SMR20 closing at `.131.96 a kg.

India’s Finance Ministry has extended the validity of existing anti-dumping duty on rubber chemicals - MBT, CBS, TDQ, PVI, and TMT imported from China and PX-13 (6PPD) imported from South Korea, will remain in force till 4th May 2014.

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