Wednesday, February 12, 2014

Rubber starts its upward move


Manufacturing, which has a weight of over 75% in the Index of Industrial Production, continued to decline in December 2013. Its output decreased 1.6% in the month as against a 2.6% fall in November. Manufacturing was down 0.8% in December 2012.

Railway Minister Mallikarjun Kharge will not bring about reduction in basic passenger fares, but is likely to make adjustment in fuel adjustment component so that impact on fares is minimum. Kharge is likely to announce more trains, new lines and better passenger amenities in the interim budget.

In January 2014, India's car sales dropped 7.6% to 160289 vehicles, compared to January 2013, according to the Society of Indian Automobile Manufacturers. The sales have fallen more than 5% so far this fiscal year. Sales of passenger vehicles, which include cars and utility vehicles, dropped nearly 9% in January.

The Cabinet Committee on Economic Affairs has approved the continuation of the 'Sustainable and Inclusive Development of Natural Rubber Sector' scheme with an outlay of `.960 crore in 12th plan 2012-17. The scheme was approved with some modification as recommended by the Expenditure Finance Committee. The aim of the scheme is to enhance natural rubber production and productivity.

The benchmark RSS4 grade rubber closed at `.147 a kg at Kottayam, while RSS3 grade closed at `.133.83 a kg at Bangkok and Malaysian SMR20 closed at `.121.51 a kg. On Tokyo Commodity Exchange, February 2014 futures series closed at ¥221.1 a kg, March at ¥221.3, April at ¥224, May at ¥226.2, June at ¥227.5 and the contract for delivery in July 2014 closed at ¥227.6 a kg. While on National Multi Commodity Exchange, February 2014 futures closed at `.147.94 a kg, March at `.150.97, April at `.155.68, May at `.158.06 and June at `.159.63 a kg.

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