"No cause for any anxiety on rubber prices"

"No cause for any anxiety on rubber prices"

Mumbai, Aug 30

As the import duty on rubber continues to be 20 per cent and there is moderate increase in international rubber prices, growers need not be anxious, said Mr Sajen Peter, Chairman, Rubber Board, in a press release.

If calculated on the basis of international price on Monday (Rs 160.96), a kg of rubber could be imported only at Rs 186including import duty, handling charges and other taxes.

SPURT

Production has comedown slightly at the global level and the increase in Chinese procurement are the reasons for the spurt in the international price now, he informed.

Unfortunately, baseless and conflicting reports and propaganda are circulating.

The Government has already accepted the recommendations of the expert committee that the import duty should not be reduced from 20 per cent and as long as domestic price rules more than the international price, maximum duty should be fixed at Rs 20.46.

Therefore, there is no cause for any anxiety in the matter, he exhorted the growers.



Rubber Board allays concerns


‘No change in import duty'
Duty to remain at 20 per cent: Sajen Peter

Expert panel recommendations accepted

KOTTAYAM: Rubber Board chairman Sajen Peter has assured growers that there is no need for apprehension on the possibility of import of natural rubber (NR) under present circumstances.

In a press note here on Monday, Mr. Peter said the government had not made any change in import duty. It was unfortunate that baseless and contradictory reports were emanating from various quarters.

The government had approved and implemented the recommendations of the expert committee in this regard. As per the recommendations of the committee, import duty would remain at 20 per cent.

However, in the face of the spurt in rubber prices in the international market it had been capped at Rs.20.46.

Mr. Peter said that on Monday, NR prices in the international market ruled at Rs.160.96 a kg.

“This means, importers will have to pay at least Rs.186 a kg, under the present duty regime.”

Mr. Peter pointed out that a marginal fall in global NR production and the entry of China into the international market to buy NR resulted in the current spurt in prices.

The Rubber Board chairman called upon stakeholders to desist from creating confusion over import duty as it may harm the interests of the growers in the long run.



Mixed trend in rubber

Kottayam, Aug 30

Rubber prices were mixed on Monday.

The market continued to suffer from short supply but the absence of buyers kept sheet rubber under pressure during the session.

According to dealers, the grade slipped to Rs 167 from Rs 168 a kg in the main marketing centres.

The Board's rate weakened to Rs 170 (171) a kg for RSS 4. Meanwhile, ungraded rubber and RSS 5 finished flat but latex 60 per cent improved further on supply concerns.

The volumes were dull.

RSS 4 weakened at the September series to Rs 168.17 (168.44), and October to Rs 164.28 (164.58) while the November series moved up to Rs 163.52 (163.45) and December to Rs 164.26 (164.00) a kg on the National Multi Commodity Exchange.

The volumes totalled 3460 lots and turnover Rs 58.05 crores.

The open interest in all series was 4,561 lots.

Futures gain

The September futures for RSS 3 increased marginally to ¥319.7/Rs 177.15 (¥319.6) a kg during the day session but declined to ¥313.5 (Rs 173.77) during the night session on the Tokyo Commodity Exchange. The grade (spot) improved to Rs 160.96 (158.08) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 167 (168); RSS-5: 162.50 (162.50); ungraded: 156 (156); ISNR 20: 150 (150) and latex 60 per cent: 114 (113).



LDF launches protest against rubber import duty cut


Central farm policies harmful, says Pinarayi
KOTTAYAM: The Left Democratic Front (LDF), on Monday, launched a protest against the Union government's decision to relax the import norms for natural rubber.

Inaugurating a dharna in front of the Rubber Board headquarters here on Monday, Communist Party of India-Marxist (CPI-M) State secretary Pinarayi Vijayan said the Centre's agricultural policies would strike a blow to the progressive initiatives being implemented by the LDF government in the State. The LDF had come to power at a time when farmers' suicides were the order of the day under the United Democratic Front rule. Farmers were a dejected lot and faced perpetual crises owing to the Centre's policies and the apathy of then ruling dispensation.

The LDF government's initiatives had made a major difference in the condition of the farming community. However, the new policies being introduced by the Centre would return the farm sector to the conditions that prevailed earlier.

The decision to slash the import duty on natural rubber from 20 per cent to 13 per cent effectively was one such move. Aimed at bringing down the growth registered in the sector, it would affect the lives of lakhs of small farmers, Mr. Vijayan said.

The decision not to include cashew and coir in the export promotion drive too was part of the ‘anti-farmer' and ‘anti-people' policies of the Centre, he said. Such policies would deeply affect the plantation sector which was the backbone of the State's economy, he said.

The regional trade agreements being entered into by the Union government were aimed at boosting the prospects of the corporate sector at the cost of the farm sector, Mr. Vijayan said. Kerala would be hit the worst from the provisions of such pacts.

Mr. Vijayan said even the Congress' coalition partners were finding it difficult to support the party in its ‘anti-farmer' policies.

Criticising the reported statement of Leader of the Opposition Oommen Chandy that the new policy on the import duty of natural rubber was being introduced on a court directive, Mr. Vijayan said Mr. Chandy was misleading the public and trying to protect the Centre. Pannian Ravindran of the Communist Party of India, C.K. Nanu of the Janata Dal-S, P.C. Thomas of the Kerala Congress-Thomas, among others, spoke. Earlier, activists of the LDF took out a march from Thirunakkara that culminated in the dharna.