MUMBAI (Commodity Online): A levy on natural-rubber exports from Thailand, the world's largest exporter, may be increased to promote processing and stabilize local prices, in line with an international agreement, according to a deputy minister.
The revised levy may range from 0.9 baht ($0.03) to 5 baht ($0.17) a kilogram based on a sliding scale of free-onboard prices. The existing levy ranges from 0.9 baht ($0.03) a kilo to 1.4 baht ($0.047). Should the cabinet approve the revised rates they will start on Oct. 1st.
Association, cash prices of natural rubber in Thailand, the world’s largest exporter of the commodity, may decline as production increases this month. Output may exceed 200,000 tons a month in June and July, up as much as 30 percent from a low-production period in April and May. Output this year may be 3.2 million tons, matching that of 2009.
U.S. auto sales in May rose for the seventh consecutive month as most car makers recorded robust gains on the back of rising consumer confidence. In China, however, auto sales slowed down last month as falling stock prices and rising consumer prices eroded wealth in the world’s largest automobile market. China auto sales for May rose 25% to 885,800 units for cars, sport-utility vehicles and multipurpose vehicles, compared with 34% in April
According to the state-run Rubber Board, natural rubber imports by India, the fourth-biggest producer, fell 42 percent last month after early summer rain and record prices lifted production. Overseas purchases dropped to 11,487 metric tonnes in May from 19,828 tons a year earlier. Imports in April-to- May dropped 26 percent to 22,363 tons. According to the Thai Rubber
Natural rubber production in India increased by 2 per cent to 54,600 tonnes in May, compared to 53,550 tonnes in the same month last year, the Rubber Board said yesterday (June 3). The rise in natural rubber (RSS-4 variety) production was attributed to increased tapping.
(commodityonline.com)
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