Natural rubber (NR) prices today rose by Rs 4 to Rs 201 per kg in the domestic spot markets on the back of adjustment of prices in the international and domestic future markets.
The prices of NR in the domestic spot market were ruling at Rs 187 per kg yesterday, according to the Rubber Board data.
"The prices in the spot markets here were guided by the adjustment in prices at the major international spot and future markets," Cochin Rubber Merchants Association Advisor N Radhakrishnan said.
Radhakrishnan said Tokyo Commodity Exchange (TOCOM) is the major international future market prices indicator and the prices of rubber contracts increased a bit on TOCOM, which led to price adjustments in the domestic future and spot markets.
"The international spot markets also have risen on back of price adjustments in TOCOM," he added. The rate of NR at the international spot market at Bangkok rose by almost Rs 3.24 to Rs 204.62 per kg today as against Rs 201.38 yesterday, Rubber Board data said.
Radhakrishnan said the market situation is still unstable but a major flare-up in the NR rate is not expected likely. "There could be minor adjustments in the NR prices in the coming days," he added.
According to experts, flare up in NR prices is not anticipated as there are sufficient stocks in the country. In the first 11 months of the current fiscal, natural rubber production in the country increased by 3 per cent to 8.04 lakh tonnes, according to the Rubber Board data.
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