Union Minister for Commerce
and Industry, Suresh Prabhu inaugurated three day event - India Rubber Expo
2019 at Bombay Exhibition Centre, Mumbai, India. Union Commerce Minister Suresh
Prabhu said rubber industry is a truly homegrown industry which is having a
deep impact on several global markets. Rubber industry will continue to grow
faster, create more employment opportunities, increase exports and add to the
economic output of India. Rubber industry can also contribute significantly in
India’s efforts to become a 5 trillion dollar economy.
According to Oke Nurwan, director general of
foreign trade at Indonesia’s Trade Ministry, a technical team at the
International Tripartite Rubber Council has proposed cutting shipments of
natural rubber by 300,000 tonnes this year as part of efforts to improve prices.
Indonesian and Malaysian governments have agreed on proposal for combined cut,
while Thailand so far hasn’t. Officials from the three countries were due to
gather in Bangkok during 19-20 January.
The benchmark RSS4 grade rubber closed at `.125
a kg at Kottayam, while RSS3 grade closed at `.113.37 a kg at
Bangkok and Malaysian SMR20 closed at `.96.17 a kg. On ICEX,
February 2019, the futures closed at `.126.16 a kg, March
at `.128.39, April at `.125.64, May at `.126.91,
June at `.128.17 and July closed at `.129.45 a kg. Tokyo
Commodity Exchange January 2019 futures series closed at ¥190 a kg, February at
¥187.3, March at ¥186, April at ¥185.5, May at ¥185 and the contract for delivery
in June 2019 closed at ¥184.8 a kg. On Friday, most probably Tocom futures
contract for delivery in June 2019 may trade in the range of ¥183 & ¥186 a
kg.
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