Rubber Declines

Natural rubber prices declined on limited offtake by state-owned agencies amidst rise in arrivals, dealers said. In yesterdays trading, the price for RSS-4 slipped to Rs 26.50 a kg from the earlier level of Rs 26.75. However, at Kochi, it moved up to Rs 26.75 a kg from Rs 26.50. The price of lot rubber decreased to Rs 25.25 a kg. (PTI) from Rs 25.75 both here and at Kochi. The global market witnessed an uptrend on demand in the futures markets. The price for RSS-3, the one comparable with RSS-4, increased to Rs 2805 a quintal from the earlier level of Rs 2754. (PTI)

In a monthly report, the IEA reduced its projection for 1998 oil demand by 2,00,000 barrels per day (bpd) to 75.1 million, growth of 1.6 million for the year, and slashed 4,00,000 bpd from its first quarter estimate to 75.4 million.

The IEA reduced its estimate for demand growth this year in Asia by 1,60,000 bpd, and says that since October, it has cut 5,00,000 bpd from its demand projection for the region.

"Asian demand has gone from being the reliable pillar of world demand growth to a significant downside risk," the IEA said.

The agency said that dampened demand has been met by a surge in oil supplies. World oil output rose by 6,70,000 bpd in February to 76.7 million bpd, it estimated.