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Rubber Prices hit a new record of Rs 142/kg

Speculative holding back of stocks by sellers and firm overseas cues from key Asian markets like rubber and Bangkok helped spot rubber prices rise, with benchmark RSS-4 grade touching a new record high of Rs142 a kg.

The Previous high for Rss-4 grade was Rs.141.50 on August 1, according to daily market data from Rubber Board.

Although the board had placed the price of the commodity at Rs 141.50 for that day, most traders said they sold the commodity at Rs 142.

Increase in rubber prices was mainly supported by uptrend in Tokyo and Bangkok rubber futures. Dealer said.

Overall supply of the commodity is weak due to growers holding back stocks as well as production in August being disrupted by rains in growing areas of Kerala.

Although most growers place rain-guards on rubber trees, tapping is not undertaken during heavy rains.

According to N Radhakrishnan, president of Cochin Rubber Merchants Association, rubber prices may ease by the first week of September as fresh sticks arrive.

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