Tuesday, Apr 23 2024 | Time 13:27 Hrs(IST)
image
Business EconomyPosted at: Oct 24 2020 2:20PM


Rubber price touches Rs 150 per kg after a year

Kottayam, Oct 24 (UNI) Giving relief to farmers and vendors, the price of rubber increased to Rs 150 per kg after a year and they received the same price in June 2019.
Farmers, as well as vendors, were relieved after getting Rs 150 for RSS-4 variety of rubber as the supply was affected due to continuous rain and Covid restrictions. Farmers hope they will get the same price for rubber in the future, sources said on Saturday.
In Bangkok, rubber prices were recorded at Rs 156 earlier this week. In October, the price was increased by Rs 14 in Bangkok. Following this, Kerala also recorded a price hike. Rubber was priced at Rs 140 on October 20 and now it touched Rs 150 a kg within three days.
In Thailand and Vietnam, heavy rain affected rubber production and it also led to the price hike. The improvement of the automobile industry in China following the relaxations in post-Covid outbreak also contributed to a hike in rubber price.
Meanwhile, Indian tyre companies are observing the rubber market for purchase. Their decision to purchase the local rubber will be crucial in the coming days. Some companies already possess a stock of imported rubber.
The government has fixed Rs 150 as the basic price of rubber per kg. As per rule, financial aid will be granted to the farmers from price stabilisation fund only if the market price of the product declines below Rs 150.
In September 2019, 85,000-ton rubber was consumed in India. In September 2020, the consumption touched 1.03 lakh ton. The strengthening of the automobile industry in China also led to a price hike.
So there are chances for further improvement in the price in the coming days. The farmers can make benefit by cutting the production cost, Rubber Board Executive Director Dr K N Ragahavan said.
According to Biju P Thomas, general secretary, Rubber Dealers Federation, farmers and vendors have demanded that rubber produced locally should be purchased for usage within the country. Import of rubber should be made under control, he said.
UNI GKN RHK1419
Please log in to get detailed story.
Tags: #Rubber price touches Rs 150 per kg after a year
More News
Rupee rises 3 paise against USD

Rupee rises 3 paise against USD

23 Apr 2024 | 11:35 AM

Mumbai, Apr 23 (UNI) The rupee continued to rise on Tuesday too, as it advanced 3 paise to 83.34 in the opening session on the selling of US dollars by bankers and exporters, dealers at the Foreign Exchange said.

see more..
Sensex up 400 points

Sensex up 400 points

23 Apr 2024 | 11:35 AM

Mumbai, Apr 23 (UNI) Extending the rally for the third consecutive day, the BSE Sensex on Tuesday spurted 400 points to open at 74,048.94 as buying was seen across the board.

see more..
Air India and All Nippon Airways to begin codeshare partnership for travel between India and Japan

Air India and All Nippon Airways to begin codeshare partnership for travel between India and Japan

23 Apr 2024 | 11:19 AM

GURUGRAM, Apr 23 (UNI) Air India, India’s leading global airline, and All Nippon Airways, the largest Japanese carrier, have signed a codeshare agreement connecting their networks.

see more..

Major Currencies down

23 Apr 2024 | 10:29 AM

Mumbai, Apr 23 (UNI) Following were the indicative currency rates and travellers' cheques
buying and selling rates.

see more..

RINL-VSP seeks help from all stakeholders in resolving severe coal crisis

22 Apr 2024 | 8:28 PM

Visakhapatnam (Andhra Pradesh), April 22 (UNI) In the backdrop of a severe coal crisis due to the halt in operations at Adani Gangavaram Port Limited (AGPL), Rashtriya Ispat Nigam Limited (RINL), popularly known as Visakhapatnam Steel Plant (VSP), on Monday requested all citizens, stakeholders, contract workers, and people's representatives to come together and assist the plant in resolving the coal crisis.

see more..
image