International Monitory Fund has lowering its
outlook for world economic growth this year to 3.3%, down from its forecast in
January of 3.5%. It expects U.S economic growth of 1.9% in 2013, down from its
January estimate of 2.1%. It expects that the combined economy of the 17 euro
countries will shrink 0.3% in 2013.
A sharp decline in inflation, possibility of a
rate cut in next month's Reserve Bank of India policy, falling prices of crude
oil and gold could have a positive impact on India's trade deficit.
Physical rubber prices continued to remain
under pressure. Decline in the international natural rubber prices and the
absence of buyers dampened the sentiments. A seasonal pick-up in rubber
production in Thailand might be one of the fundamental reasons for price fall. On
18th April, sheet rubber weakened to `.159 a kg at Kottayam
and today it closed at `.160 a kg, while on National Multi Commodity Exchange May
series declined to `.157.22 and August to `.154.51 a kg. The RSS3
grade closed at `.148.74 a kg at Bangkok, while the price of Malaysian SMR
20 closed at `.126.65 a kg.
Rubber for September delivery on the Shanghai
Futures Exchange gained 1.4% to 18,980 yuan a tonne. Thai rubber free-on-board
lost 3% to 79.50 baht a kg. On the Tokyo Commodity Exchange, May futures series
in current session for 22nd April is trading at ¥248, June at ¥250.8,
July at ¥253.3, August at ¥255.5 and the contract for delivery in September at
¥256 a kg.
Shinobu Watanabe, who is president of
Chemicals & Plastics Co. business of Ube Industries Ltd. has been elected as
president international of the International Institute of Synthetic Rubber
Producers. Watanabe will preside over the organization's 2014 Annual General
Meeting in Kyoto, Japan, and serve for the year 2013-2014.
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