Physical rubber prices continued declining on Thursday with concern that the recent rate hike by RBI will slow the demand growth from the main consuming industry, mainly the tyre industry. Traders are expecting the downtrend to continue on increasing production, stocks and higher imports.
Spot prices for RSS-4 variety closed at Rs 206/kg compared to its previous closing of Rs 209/kg, while the RSS-5 variety closed at Rs 204/kg compared to its previous closing of Rs 206/kg.
In the futures market, the contract of RSS-4 variety for August delivery closed at Rs 206.40 compared to its previous closing of Rs 207.50, while the contract for September delivery closed at Rs 206.10 compared to its previous closing of Rs 206.91 on the National Multi Commodity Exchange.
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