Thailand and Malaysia have thrown their
support behind an Indonesian proposal to set a $1.50 per kg minimum floor price
plan. In a statement Malaysian Rubber Board said the move was in accordance
with the recommendation by International Rubber Consortium Ltd urging member
countries not to offer natural rubber below the stipulated price in order to
address the current low natural rubber price.
Dealers are confident that natural rubber
market fundamentals will remain intact and promising, as can be seen from the
latest statistical bulletin released by the International Rubber Study Group.
The global stock level has declined to approximately 2.55 million tonnes in
June 2014 from 3.01 million tonnes as at December 2013.
Indian Farmers Movement (INFAM) has urged the
Union government to formulate a national policy for road rubberisation scheme,
at least in national highways, to enhance internal consumption of natural
rubber, which would benefit lakhs of rubber farmers in the country. INFAM
pointed out that the government had taken several effective measures during
2002-03 periods when farmers faced a similar situation. Such measures are needed
now to save the rubber sector from crisis.
The latest closing of the benchmark RSS4
grade rubber was at `.120.50 a kg at Kottayam, while RSS3 grade closed at `.94.56
a kg at Bangkok and Malaysian SMR20 closed at `.87.59 a kg. On
National Multi Commodity Exchange October 2014 futures closed at `.120.34
a kg, November at `.118.14, December at `.117.88 and January
2015 at `.117.65 a kg. Today, on Tokyo Commodity Exchange, October
2014 futures series closed at ¥168.5 a kg, November at ¥171.2, December at ¥173.5,
January 2015 at ¥175.8, February at ¥177.2 and the contract for delivery in
March 2015 closed at ¥176.4 a kg.
Read
lot more in Rubber4U – 15th October 2014 issue
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