BALING, Oct 17 The Plantation Industries and Commodities Ministry will study a proposal to increase the floor price of scrap rubber to RM3.50 a kilogramme (kg) to increase the income of smallholders in the country. Its minister, Datuk Zuraida Kamaruddin, said the ministry would also discuss the.
Spot rubber prices drop
State remain under pressure as the lockdown restrictions were extended
Spot rubber closed weak on Monday. The market opened firm but lost the initial gains tracking the sharp declines in domestic futures and global trendsetters. Sentiments continued to remain under pressure as the lockdown restrictions were extended to 9 June though the Test Positivity Rate (TPR) in the State dipped further to 15.97 per cent on Sunday 30 May.
RSS4 dropped to ₹171.00 (172.00) per kg according to traders and the Rubber Board. The grade slid to ₹166 (167.00) per kg as per Dealers. The trend was partially mixed as ISNR20 finished flat amidst dull volumes.
Rubber extends losses amid Covid 2.0 concerns: How to trade
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The March 31 contract quoted at Rs 16,200, down Rs 551 or 3.29 per cent from its previous close. In the spot market, rubber quoted at Rs 16,157 per quintal at last count, down Rs 187 or 3.30 per cent from its previous close.
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Rubber has fallen sharply in the past few sessions, retreating 8.67 per cent from the year s highest level so far logged on April 5.
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Rubber prices on Monday tanked more than 4 per cent amid thin trade, as a surge in Covid-19 infections added to concerns about business activity and overall economic recovery. MCX rubber for April delivery traded Rs 664 or 4.02 per cent down at Rs 15,850 per 100 kg in afternoon deals. Earlier on Monday, it had moved in a Rs 602 range between Rs 15,600 and Rs 16,202 against its previous close at Rs 16,514 per quintal.