Kottayam, Sept 28
Spot rubber improved further on Tuesday. The prices firmed up on acute short supply following continuous rains in the plantation areas. The absence of major consuming industries failed to make any impact over the market. The volumes were poor.
Sheet rubber closed at Rs 168.5 (168) a kg in the main marketing centres. The grade price was quoted at Rs 168 (167.5) a kg on the Board's official Web site.
Futures slip
RSS 4 slipped with October futures slipping to Rs 172.45 (172.18), November to Rs 175.4 (175.02), December to Rs 177.24 (177.16) and January to Rs 179.15 (179.08) a kg on the National Multi Commodity Exchange.The volumes totalled 5,406 lots and open interest 4,126 lots. The turnover was Rs 94.31 crore.
October futures for RSS 3 weakened to ¥295 (Rs 158.39) from ¥298 during the day session and then recovered partially to ¥296 (Rs 158.93) a kg during the night session on the Tokyo Commodity Exchange. RSS 3 (spot) declined Rs 161.26 (162.27) a kg at Bangkok.
Spot rates were (Rs/kg): RSS-4: 168.5 (168); RSS-5: 165 (164); ungraded: 162 (161); ISNR 20: 163 (161.5) and latex 60 per cent: 115.5 (115).
Rolling on rubber
Lower input costs:A cart puller carrying a load of tyres in Kolkata. According to reports, Indian tyre companies made a steady run as rubber prices fell in the last two months. Prices have dropped Rs 18,000 a tonne after a Government panel recommended a duty of Rs 20.46 a kg on imports..
'Encourage rubber exports'
Kottayam, Sept 28
To enable the domestic rubber growers to get at least the price similar to the international price in the country, rubber export should be encouraged, said Mr George Valy, President of the Indian Rubber Dealers Federation (IRDF), speaking at the annual general body meeting of the rubber dealers. He exhorted the trading community to enhance the rubber export for the common good of all the stake holders, especially the rubber growers. The meeting elected Mr E. T. Varghese, Mr George Valy and Mr C. J. Augustine, as the Patron, President and General Secretary, respectively, for another term. — Our Bureau
Rubber Board announces financial aid to form producers' societies
Our Correspondent
Kottayam, Sept. 28
The Rubber Board has announced financial assistance to support formation of Rubber Producers' Societies (RPSs) and Self Help Groups (SHGs).
The scheme has also provision to support special programmes aimed at the socio-economic development of the poor farmers and their families.
The scheme is meant for the development of the small holding sector, which is responsible for the lion's share of natural rubber production in the country.
It is intended to promote group approach for the effective modernisation and improvement of the NR sector, as individual approach is not practical owing to the large number of such holdings.
The rate of assistance is Rs 6,000 for the formation of new RPSs and Rs 3,000 for SHGs.
Such RPSs/SHGs will be provided with 150 budded stumps and 200 metres of budwood at 50 per cent cost fixed by the Board or Rs 2,500 a RPS/SHG, whichever is less for raising rubber nursery.
Fifty per cent of the actual expenditure or Rs 5,000, whichever is less will also be granted to these RPSs/SHGs for conducting medical camps.
Details are available from the regional offices and field stations of the Board.
Rubber shortfall: India to consider tax cut on imports
MUMBAI (Commodity Online): Considering continued to demand from the domestic tyre industry, Indian Commerce Ministry has recommended for a reliable tax system on natural rubber imports.
An official in the Ministry said it has proposed the Finance Ministry to cut import tax by 7.5% for up to 100,000 tons or a flat tax of Rs 20 a kilogram in all imports. The Ministry said that unavailability of raw rubber in the domestic market is hurting bulk consumers such as tyre manufactures.
According to the Automotive Tyre Manufacturers Association, India's demand for natural rubber is growing by around 12% a year, but production is rising at just 5%-6%.
The trade ministry's latest proposals follow a series of meetings between a government panel and industry executives, including tire-makers lobbying for a lower import tax as domestic natural rubber prices have risen above global levels.
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