The Hindu Business Line : SC order leaves rubber shrinking

RUBBER market tumbled following the Supreme Court's verdict striking down order of the DGFT suspending advance licence facility for rubber goods exporters. Now they can import NR without duty for export production. The NR content in rubber goods exports would come to about 40,000 tonnes per annum.

Following the verdict, buyers kept off from the market. At the same time apprehending further fall in prices, growers took their stock to the market forgetting the fact that imports could take time and that any import could be countered by exports for which the rubber board gives handsome subsidy. During the last fiscal around 52,000 tonnes of NR was exported from India.

The futures market also moved down. Rates quoted for RSS 4 were as follows:

June delivery Rs 47.45 per kg; July delivery Rs 47.50 per kg and the August delivery Rs 47.00 per kg.

Sheet rubber RSS 4 dipped to Rs 46 per kg on Thursday from Rs 47.50 on Wednesday. RSS 5 and ISNR 20 fell to Rs 45 from Rs 46.50 and ungraded rubber to Rs 44 from Rs 45.50. Compared to dry rubber the fall in Latex concentrate was modest by 50 paise to Rs 38 per kg.

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