India’s imports rose about 7% from a year
earlier, while exports fell 1.1%, the first annual fall in five months.
According to trade ministry official, trade deficit in May widened to $20.1
billion from $17.8 billion a month ago. The Indian central bank left its policy
repo rate unchanged at 7.25% and kept the cash reserve ratio steady at 4%,
despite some signs of moderating inflation in recent months.
Thailand Ministry of Agriculture and
Cooperatives and seven private firms are setting up a Bt210-million rubber price
stability fund to buy at least 42 billion tonnes of the agricultural commodity
in July. The objective of this fund is to buy rubber via Agriculture Futures
Exchange of Thailand (AFET), because the future price of rubber for delivery
next January is Bt78 per kg, which is unusually low, compared with the prevailing
price of Bt85 per kg. Each of the seven parties will contribute Bt30 million to
set up the fund, which should be engaged in 300-400 buying/selling transactions
per day, which is adequate to create positive sentiment and boost investors confidence.
It is predicted that rubber prices would be adjusted to Bt110 per kg after the
launch of the fund in July.
Today, prices of RSS4 grade closed at `.175.50
a kg at Kottayam and RSS3 closed at `.162.94 a kg at
Bangkok, while Malaysian SMR20 closed at `.134.91 a kg. On the
Tokyo Commodity Exchange, June futures series closed at ¥234.7, July at ¥234,
August at ¥234.9, September at ¥235.6, October at ¥237.3 and the contract for
delivery in November closed at ¥238.9 a kg, after touching a low of ¥231.3 a kg.
While on the National Multi Commodity Exchange July futures were trading at `.174.20,
August at `.171.40, September at `.168, October at `.165
and November at `.163.42 a kg., at 4.45 pm IST.
Read
lot more in Rubber4U – 1st July 2013 issue
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