Rubber prices nearing Rs 70 a kg

Natural rubber prices are again buoyant and slowly nearing the magical figure of Rs 70 a kg. The market had touched the level on 25th July.

The price of benchmark RSS-4 grade has increased by Rs 2 per kg at Rs 68 quoted here today. Last week's closing rate of RSS-4 grade was Rs 66.

Domestic prices are on an increasing spree though global prices are almost steady for the last few days.

Price of ungraded sheet rubber has increased to Rs 63 and that of ISNR-20 to Rs 65 here today.

Traders said industrial offtake of rubber was rather high and production could not meet the consumption demand which resulted in the recent hike.

Incessant rainfall in the producing areas has affected production and processing of latex though the main production season is in full swing now.

Stock position of the market is limited as demand is rather higher than the supply which signals a buoyant market at least for the next couple of weeks.