Monday, October 6, 2014

Urging members to sell at floor price

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

For 2014-15 Rubber Forecast, http://rubber4u.com/Public/RForecast.pdf

No comments:

Post a Comment