Market overreacted today. Credit policy could
not continue the euphoria that the market had been riding on Ben Bernanke’s
comments. RBI decided to hike repo rate by 25 basis points and banks are unlikely
reduce their lending rates anytime soon. High interest rate has been identified
as a major barrier to boosting growth. The RBI has admitted that industrial
activity continues to remain sluggish and even consumption demand is now
starting to weaken in the economy.
Today, at Kottayam, RSS4 grade closed at `.185.50
a kg. RSS3 grade closed at `.166.05 a kg at
Bangkok, while Malaysian SMR20 closed at `.150.51 a kg. On the
Tokyo Commodity Exchange, September futures series closed at ¥266.5 a kg,
October at ¥269.5, November at ¥272.5, December at ¥275.3, January 2014 at
¥279.7 and the contract for delivery in February 2014 closed at ¥283.9 a kg.
While on the National Multi Commodity Exchange October futures were trading at `.180.51
a kg, November at `.180.86, December at `.183, and January
2014 at `.189.50 a kg at 4.00 pm IST.
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