Natural
rubber in the Indian markets weakened and RSS4 grade rubber in the spot market
was quoted at its lowest since April end while in the future market, prices gained.
Selling momentum gathered pace in the local market, as rise in petrol prices
and a decline in GDP growth to 5.3% in the fourth quarter of 2011-12. Anticipation
of higher imports due to lower prices in the international market increased in
arrivals amidst lackluster demand is likely to build further pressure on rubber
prices.
At NMCE, a weakening trend in rubber futures
was noticed on Tuesday with June contracts dropping to `.188.11
per kg. On Wednesday, June contracts gained to `.191.03 per kg. July contract
closed at `.193.02 and November closed at `.190.78
per kg. In Kochi and Kottayam, the two key rubber markets in India, RSS-4
prices have been continuously falling and finally closed at `.191.50
per kg. and RSS3 grade closed at `.193.39 a kg at
Bangkok, on Wednesday. TOCOM futures, the June series were currently trading at
¥254, July at ¥254.5, August at ¥255, September at ¥254.4, October at ¥253 and November
at ¥247.8 as on 7th June 2012 at 12:20 JST.
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