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This is an archive article published on June 8, 1998

Rubber looks up on renewed demand

Natural rubber continues to be on the recovery path for the third consecutive week in the week ended June 6.The setting in of monsoons, incr...

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Natural rubber continues to be on the recovery path for the third consecutive week in the week ended June 6.

The setting in of monsoons, increased enquiries from upcountry cycle manufacturers and the return to the market of rubber traders who had suspended operations for 16 days prior to last Monday were the factors that boosted natural rubber prices last week.

The price shot up to Rs 36 per kg in last Friday8217;s trading despite the traders8217; stand that prices above Rs 35 per kg would be quot;unsustainable.quot; The week had opened with the price ruling at Rs 33.75 per kg. The activities of State Trading Corporation STC, with a mandate to procure 20,000 tonnes of natural rubber, still continues to have its effect.

STC sources said here early last week that it has issued orders to procure about 300 tonnes of rubber daily to meet the 20,000-tonne target set by the government.

The assurance from union commerce minister Ramakrishna Hegde in Lok Sabha that natural rubber import will not be allowed is expected togive a boost to rubber price, trading sources said here in Kochi.

Besides, hefty deficits in the union budget point to inflationary pressures indicating a natural rise in the price of agro commodities.

 

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