MARKET COMMENTARY
Natural rubber is seen ticking up in the major overseas market after the recent slump probably on bargain buying though decline in other industrial commodities and crude oil weighed on. On Friday, TOCOM rubber futures are seen extending gains, after bouncing off from the six year low, probably heading to post weekly gains. SHFE rubber futures rose as well.
MARKET NEWS
Member countries of the Association of Natural Producing Countries (ANRPC) are eyeing for the formulation of a security fund called the “Rubber Stabilization Fund” is seen to address financial issues among small farmers in the rubber industry and cope with the vitality of global rubber pricing.
Natural rubber production has dropped nearly 1 percent among member nations of the Association of Natural Rubber Producing Countries, and a softening of Chinese and other emerging markets is largely to blame, the ANRPC said.
Government of India allows 100% FDI in five plantation crops including rubber.
A communique from the Kerala Finance Department said that assistance had been released as per the production incentive scheme on 91,455 invoices, out of a total 1,03,414 applications processed so far. An amount of Rs22.30 crore has been released against purchase invoices uploaded by rubber growers.
Government of India has added RSS (Ribbed Smoked Sheet) and TSR (Technically Specified Rubber) in Merchandise Export from India Scheme (MEIS) which would make them eligible for an incentive at the rate of two per cent for exports to 169 countries including China, USA, Germany, Italy, Poland, UK, Malaysia, Brazil, Egypt, Iran, Japan, Mexico, Russia, Singapore, South Africa, Turkey and UAE.
[embeddoc url=”https://drive.google.com/file/d/0BzrsaGiMYhEkbVNaQ3R1cHgwMFE/preview” viewer=”drive”]
Geofin Comtrade
