Published On: Fri, Jun 5th, 2009

Rubber Futures firm but stocks drift lower

Lack of demand from major industries has caused the spot rubber to decline on the commexes following which rubber makers on the bourses too traded low.

However, rubber futures remained firm with MCX June contract trading at Rs.9925 per quintal. But the profit booking from traders kept the prices under pressure and sheet rubber moved down. The market made all-round declines, while latex 60% finished remained unchanged on comparatively better demand amidst low supply.

Rubber makers extended losses on the Bombay Stock Exchange (BSE). Apcotex Industries Ltd fell by close to 2% to Rs.59.30, while Apar Industries Ltd was marginally up by 0.72% to Rs.140 during the afternoon trading session.

Mahalaxmi Rubtech Ltd was trading at Rs.34.50 with a loss of close to 1.5% but Elgi Rubber Company Ltd was trading with marginal gains of close to 1% at Rs.11.35 on the BSE.

Meanwhile, the benchmark index Sensex recovered from morning losses and traded at 14916 points with gains of 0.31% from its Wednesday’s close.

 

Source: worldscrap.com