Monday, March 24, 2014

Will INR get competitive edge in current scenario?

Though rubber exports have been lower, Rubber Board's efforts to promote the brand Indian National Rubber (INR) in the international market has met with success, as 56% of the total exports have been INR brand. The poor quality of the rubber sheets supplied by the domestic producers has been one reason for the user industry to go for imports. The board is now keen to replicate the success story in the domestic market by launching a series of branded high quality sheets through a company promoted by it in Nilambur in Malappuram district in Kerala and the brands are expected to give a competitive edge in the market.

Today, a thirty one member delegation from Philippines Rubber Marketing Mission led by Sakiram A. Hajan, Dy. Minister of the Department of Trade & Industry visited Rubber Board to learn the activities of the Board in agricultural expansion, research and other areas. They also visited laboratories of the RRII and on their way back to Philippine, the delegation will visit All India Rubber Industries Association, Indian Rubber Manufacturers Research Association and few other rubber manufacturing units in Mumbai.

Latex prices are rising faster than rubber sheet due to drought in Southeast Asia, which in turn will help in cutting supplies. Buyers are accelerating purchases in anticipation of shortages during wintering. Rubber export prices from Thailand most probably will advance. Production in Thailand, Indonesia and Malaysia may drop because of exceptional dry weather.

On Monday, the benchmark RSS4 grade rubber closed at `.147.50 a kg at Kottayam. RSS3 grade closed at `.139.77 a kg at Bangkok and Malaysian SMR20 closed at `.117.24 a kg. On Tokyo Commodity Exchange, March 2014 futures series closed at ¥240.1 a kg, April at ¥242.2, May at ¥242.9, June at ¥235.3, July at ¥233.1, and the contract for delivery in August 2014 closed at ¥232 a kg. While on National Multi Commodity Exchange, April 2014 futures closed at `.146.51 a kg, May at `.149.89, June at `.152.27 and July at `.153.25 a kg.

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