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Physical rubber prices plunge on Wednesday

23 Jun 2011 Evaluate

Physical rubber prices plunged on Wednesday tracking the sharp declines in domestic and international futures. There was panic selling in the spot markets after the decline in futures, while there was absence of quantity buyers that too kept the market under pressure.

The spot prices for RSS-4 variety closed at Rs 217.50 compared to its previous closing of Rs 222.50, while the RSS-5 variety closed at Rs 215 compared to its previous closing of Rs 220.

In the futures market, the contract of RSS-4 for July delivery closed at Rs 212.65 compared to its previous closing of Rs 219.90,while the contract for August closed at Rs 215.84 compared to its previous closing of Rs 221.77 on the National Multi Commodity Exchange.

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