Tyre manufactures seek ban on rubber futures – steep price rise forcing in its to down shutters:
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Starting that rubber futures are not helping in price discovery and risk management tyre manufactures have demanded a ban on forward trading of the commodity. The Automotive Tyre Manufactures Association said in a letter to the commerce industry and Department of Industrial Policy and Promotion Secretaries, that the demand for ban on rubber futures is no different from the bar imposed by the center on forward trading in urad, tur, rice and wheat. The New Delhi based ATMA is the apex body of tyre makers in the country. The steep increase in the price of rubber has imposed severe financial burden on the tyre industry. Further since rubber is the prime raw material for the production of items such as chappals, battery boxes, condom, hoses and thousand of other items, the steep price increase has forced hundreds of manufactures to close shutters and most others at the verge of closure or facing a difficult time due to exorbinant increase input costs, ATMA said in the letter.
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Source : Business Line |
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