Kerala chief minister Oommen Chandy informed
the Assembly that government would demand a curb on import or hike in the
import duty of rubber. The issue would be brought to the notice of the Prime
Minister Narendra Modi when a state delegation meets him soon to apprise him of
the state's concern. Further fall in price of rubber would not only adversely
affect farmers, but also the state's economy. It would also ultimately hit tyre
manufactures in the country, as production would fall with farmers shifting to
other crops
The recent slump in oil prices continued to
weigh on global markets. Brent crude oil dropped to $67.53 a barrel before
recovering to trade around $70.54 a barrel. India, world's fourth largest oil
consumer annual imports 3.8 million barrels of crude per day. As on 1st December,
the international crude oil price of Indian Basket declined to US$ 67.72 a
barrel. Rupee closed weaker at `.62.14 a US$ on 1st December
as against `.61.97 a US$ on 28th November. Reserve Bank of India kept
interest rates unchanged at 8% as widely expected.
According to the nation’s Ministry of
Commerce, Thailand’s natural rubber exports declined 11% to 291641 tonnes in
October. According to a data from the Rubber Trade Association of Japan, as on
20th November, crude rubber inventories at Japanese ports stood at 9,791
tonnes, down by 5.8% compared to 10 days earlier. Rubber inventories in the
warehouses monitored by SHFE declined 24.3% to 136531 tonnes.
The benchmark RSS4 grade rubber closed at `.116.50
a kg at Kottayam, while RSS3 grade closed at `.97.48 a kg at
Bangkok and Malaysian SMR20 closed at `.91.84 a kg. On
National Multi Commodity Exchange December 2014 futures closed at `.114.75
a kg, January 2015 at `.115.77 and February at `.117.02 a kg. On
Tokyo Commodity Exchange, December 2014 futures series closed at ¥184.1 a kg, January
2015 at ¥187.5, February at ¥190.8, March at ¥194.7, April at ¥196.7 and the
contract for delivery in May 2015 closed at ¥198.2 a kg. On Thursday, most
probably Tocom futures contract for delivery in May 2015 may trade between ¥198
& ¥202 a kg.
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