New Delhi, May 3 (PTI) Natural rubber prices declined for the eight straight day today falling by Re 1 to Rs 233.50 per kg in the domestic spot markets on commencement of the tapping season.
The domestic prices of natural rubber were ruling at Rs 234.50 per kg yesterday, according to the Rubber Board data.
Rubber prices had jumped to a high of Rs 240 per kg on April 25. Thereafter prices began to fall after farmers started clearing off their old stock, analysts said.
Besides, tapping of rubber from trees has also begun from last few days in India and would continue till the month-end. Even in countries like Thailand and Indonesia, farmers have started tapping, they added.
"Domestic prices are down because there is increased arrival of old stock in the market and tapping of rubber has also started," Cochin Rubber Merchants Association Ex-President N Radhakrishnan told PTI.
The commencement of tapping in other rubber producing countries has affected global market, where prices fell by Rs 2.66 to Rs 243.14 per kg today, compared to Rs 245.80 per kg yesterday, the data showed.
Indian rubber market follows the prices trend of the global market.
Meanwhile, futures price of rubber for delivery in May at commodity bourse NMCE closed its first session slighly up by Rs 1.4 to Rs 231.99 per kg.
The global futures price for May delivery at the Tokyo Commodity Exchange (TOCOM) was ruling low at 427 yen per kg (Rs 235.17/kg) from their last trading price.
Rubber futures at TOCOM was down due to strong yen against dollar, high crude prices and ongoing tappping, an analyst with Bonanza Commodity Brokers said.
(Source: http://in.news.yahoo.com/domestic-rubber-prices-fall-8th-straight-day-rs-141200550.html)
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