While addressing the inauguration of India
Rubber Expo 2017, KM Mammen, chairman of Automotive Tyre Manufacturers
Association and chairman & managing director of MRF Ltd., said Make in
India is a powerful incentive for Indian tyre makers not just to expand in the
Indian market, but also manufacture quality tyres locally for exports to other
markets.
The Reserve Bank of India is working on a
plan to reduce online transaction costs as it tries to encourage more digital
banking. While based on the recommendations made by domestic oil producers,
finance minister Arun Jaitley is likely to cut the cess on domestic crude oil,
an announcement which is expected in the Union Budget 2017-18.
The outlook for rubber is expected to improve
this year amid the gradual global recovery. But the market seems cautiously
optimistic on the commodity's fundamental outlook. According to the Rubber
Authority of Thailand, as a result of the floods, country’s natural rubber
output is expected to fall by 7.6% this year to 4.38 million tonnes, down from
the 4.74 million tonnes previously expected.
The benchmark RSS4 grade rubber closed at `.150
a kg at Kottayam, while RSS3 grade closed at `.179.49 a kg at
Bangkok and Malaysian SMR20 closed at `.147.67 a kg. On
National Multi Commodity Exchange the last traded price for February 2017 futures
was `.150.43 a kg, March at `.156.58, April at `.163.48
and May at `.168.02 a kg. Tokyo Commodity Exchange January 2017
futures series closed at ¥303.4 a kg, February at ¥302.6, March at ¥297.4,
April at ¥288.6, May at ¥288.6 and the contract for delivery in June closed at
¥288.3 a kg. During January 2017, trading range was between ¥261.7 (low on 4th
January) and ¥308.5 a kg (high on 16th January).
For 2016-17 Rubber Forecast: http://rubber4u.com/Public/RForecast.pdf
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