Wednesday, December 18, 2013

Boosting the sentiments

The Reserve Bank of India (RBI) surprised markets by leaving its key lending rate unchanged, despite the fact that retail inflation in November accelerated to 11.24%. The RBI said it would act if food prices don't soften as expected in the coming months and reduce the overall level of inflation. RBI will announce its next monetary policy on 28th January 2014. Acknowledging the industrial downturn, Union minister Sachin Pilot said that the government has taken several measures such as liberalisation of FDI policy and the new Companies Act to uplift the overall business sentiment, boost investment and strengthen the industry.

The Delaware Supreme Court rejects Cooper’s appeal to force Apollo Tyres to complete its proposed acquisition. The Findlay, Ohio-based Cooper Tire and Rubber Co. have only a slim chance to keep Apollo from walking away from the long-pending and controversial deal. Apollo Tyres Ltd., which would become the world’s seventh biggest tyre maker if the deal is completed.

On Wednesday, Tokyo Commodity Exchange, December futures series closed at ¥283 a kg, January 2014 at ¥277.8, February at ¥276, March at ¥276.4, April at ¥278.1 and the contract for delivery in May 2014 at ¥280.1 a kg. While National Multi Commodity Exchange January 2014  futures were trading at `.157.70 a kg, February 2014 at `.160 a kg and March at `.162.75 at 12.45 IST. RSS3 grade closed at `.160.65 a kg at Bangkok, while Malaysian SMR20 closed at `.143.18 a kg.

Read lot more in Rubber4U – 1st January 2014 issue

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