According to the government of India data,
index of industrial production (IIP) declined 0.1% in November 2012, compared
to November 2011, due to deceleration in production in manufacturing, mining
and electricity generation.
India has decided to opt out of negotiations
for agreements between select WTO member countries for liberalizing foreign
direct investment and visa regimes in service sectors and for lowering import
duty on 357 information technology products and 54 environmental goods, saying
the talks were against its interests.
What the US and European Union are trying to
do is cherry-picking without addressing the core concerns of developing
countries. Early harvest was pushed by developed countries as they were
unwilling to open up farm trade, a domestic hot potato, even as countries such
as India were not very keen on the plan. Although India is no longer part of
the negotiating group, it retains its ‘observer status’ to keep the option of
rejoining talks later. India's view is that the issue needs to discussed at the
WTO and instead of following a product-specific list approach, a better
strategy would be to have project-driven agenda that will benefit the
developing countries.
Asian rubber settled mixed as firm
fundamentals support, but a pullback in the broader market after strong gains
last week weighed on some rubber bourses.
Tocom rubber is vulnerable to currency moves,
benchmark June natural rubber futures on the Tokyo Commodity Exchange settled at
¥312.3 a kg as major producing regions experience heavy rain, keeping supply
tight.
The world’s largest importer China was in the
market bidding ahead of the Lunar New Year break in February, its bids were
often too low for trades. Natural rubber prices may hit US$4 per kg in 1st
quarter of 2013 due to firm fundamentals, due to seasonal factors and an
improved global macroeconomic outlook.
RSS3 grade closed at `.185.06
per kg at Bangkok, while Malaysian SMR 20, which Indian tyre makers prefer to
import, closed at `.169.25 a kg. On the Tokyo Commodity Exchange, January futures
series in night session of trade date 15th January closed at ¥298
per kg, February at ¥299.3, May at ¥308.1 per kg and June 2013 at ¥311.5 per kg.
Read lot
more in Rubber4U – 15th January 2013 issue
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