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| NR hits record high of Rs 150/kg |
| George Joseph / Kochi Mar 18, 2010, 00:26 IST |
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The price of natural rubber (NR) today touched a record high of Rs 150 a kg. The benchmark grade RSS-4 was at Rs 150 a kg, both in Kochi and Kottayam markets.
 Currently, India is quoting the highest price for the commodity across the world. Singapore (Sicom) today quoted Rs 148.20 a kg for the variety. The local price has risen 7.1 per cent in just three weeks.
Prices may increase further as production has been hampered in most parts of the state due to extremely hot weather. Futures counters indicate a price level of Rs 156-158 a kg by May-June.
If the heat wave continues for the next couple of weeks, tapping will come to a halt in all the rubber growing areas of the state. Though there has been rain in some parts, the rubber planting areas are still lacking rain.
The appreciating market also forced the traders to enhance stock to maximum to reap the price advantage during the next 8-12 weeks.
Production will increase only with the arrival of monsoons and till then the local market is expected to be bullish. According to the Rubber Board, the market is having a total stock of 269,750 tonnes of which around 100,000 tonnes is with farmers.
The board estimates 65,000 tonnes with stockists and warehouses have 7,936 tonnes. But both growers and traders disagree with the data and according to them the board’s data is inflated. Traders expect prices to touch Rs 170 a kg.
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