Monday, July 21, 2014

IRGA urges Centre to temporarily suspend import

Worried by the prolonged bearish trend in domestic prices of natural rubber, Indian Rubber Growers Association (IRGA) has urged the commerce minister to temporarily suspend import of natural rubber under the advance licence till domestic prices recover.

The rubber farming community has urged the Centre to increase import duty on all finished rubber goods to 8%. IRGA has requested the ministry to revisit the norms for duty-free import of natural rubber. Import duty on natural rubber should be increased up to 40%.

The benchmark RSS4 grade rubber closed at `.140 a kg at Kottayam, while RSS3 grade closed at `.122.26 a kg at Bangkok and Malaysian SMR20 closed at `.102.56 a kg. On National Multi Commodity Exchange August 2014 closed at `.139.80 a kg, September at `.137.70 and October closed at `.137 a kg. On Tokyo Commodity Exchange, July 2014 futures series closed at ¥189.8 a kg, August at ¥192.9, September at ¥195.9, October at ¥198.2, November at ¥200.6 and the contract for delivery in December 2014 closed at ¥202.2 a kg. On Tuesday the market is expected to trade in red and it is expected that most active contract December 2014 series may touch a low of ¥199 a kg tag.

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