New Delhi, Mar 15 (PTI) After witnessing a fall in the last four days, natural rubber prices today rose by Rs 2 to Rs 187 per kg in the domestic spot markets on slight recovery in global and domestic future markets.
"Domestic spot markets of natural rubber recovered marginally in the late afternoon after slight recovery in the Tokyo Commodity Exchange (TOCOM), which also led to the domestic future markets (NMCE) stabilising a bit," Indian Rubber Dealer Association President George Valy told PTI.
Valy pointed out that it cannot be stated for sure that the recovery in rubber markets would continue tomorrow as international markets are still reeling under pressure of the shutdown of almost whole of the economy in Japan.
Natural rubber prices at Bangkok fell by Rs 22.36 to Rs 201.38 as against Rs 223.74, rubber board data said.
Commodity Analyst Vibhu Ratandhara said that the strong selling sentiment in the domestic future markets witnessed in the past three-four days neutralised a bit today with the international futures markets recovering slightly.
"The sentiment in the future markets also passed to the spot markets here and there was a slight price correction," he added.
Ratandhara opined that short-term prospects are still weak owing to the devastation in Japan but the medium to long term prospects are bullish.
"The disruption is temporary and when the world''s third-largest economy starts rebuilding again the demand for everything would zoom," he added.
Ratandhara pointed out that in that situation we can expect the prices of natural rubber rising again.
Natural rubber had witnessed a fall of almost Rs 27 in the domestic spot markets to Rs 185 per kg yesterday, the lowest for the current year, from Rs 212 per kg on March 12 due to the earthquake in Japan that sent the international rubber markets into a tizzy.
(Source: http://in.news.yahoo.com/rubber-rs-2-rs-187-kg-slight-global-20110315-063100-580.html)
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