Monday, September 23, 2013

Bull market to affect tyre manufacturers

Rubber prices are entering bull market as futures hit a three-month high following indications that China's economy is likely to demand more rubber. Tuesday, the contract for February delivery on the Tokyo Commodity Exchange were trading at ¥282.2 a kg at 13:45 JST.

India is trying to tap certain sectors in the global market where China has been vacating due to rising wages. India has move up in the global value chain to increase its share in the global market. India's exports rose for the second straight month by 12.97% to US$26.14 billion in August, while the trade deficit narrowed as gold imports fell. It is expected that the agreement on trade facilitation would help in reducing transactions cost of exporters at WTO Ministerial Meeting at Bali in December.

On Monday, RSS4 grade closed at `.181 a kg, at Kottayam. Tuesday, RSS3 grade closed at `.166.24 a kg at Bangkok, while Malaysian SMR20 closed at `.149.17 a kg. On the Tokyo Commodity Exchange, September futures series were trading at ¥265 a kg, October at ¥267.6, November at ¥270.3, December at ¥273.4, January 2014 at ¥278.2 and the contract for delivery in February 2014 at ¥282.2 a kg, at 13.45 JST. While on the National Multi Commodity Exchange October futures were trading at `.177.76 a kg, November at `.177.66, December at `.179.39, and January 2014 at `.180.50 a kg.

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