India rubber output rises 3.7% to 8,61,950 tons

KOTTAYAM, INDIA (Commodity Online): India's natural rubber production has risen 3.7% in 2010-11 to 8,61,950 tons, according to Rubber Board. Revealing the data at the 165th Annual meeting of the Board here, Sheela Thomas, Rubber Board Chairman said that domestic production stood at 8,31,400 tons and anticipated production for 2010-11 was 9,02,000 tonnes. The anticipated consumption in 2010-11 was 9,77,000 tons.
Domestic consumption has increased by 2 per cent in 2010-11. During 2010-11, growth in tyre production in the automotive sector grew by 23 per cent. Export of tyres also increased by 20 per cent. However, truck and bus tyre exports declined by five per cent. During 2010-11 fiscal, exports stood at 28,424 tonnes compared with 25,090 tonnes in the previous fiscal. Imports accounted for 1,77,482 tonnes, 73 per cent of which was through duty free channels.
Rubber Board does not foresee any shortage for the commodity as the opening stock of rubber in 2011-12 was relatively high at 2,77,095 tonnes against 2,11,290 tonnes in 2010-11. Meanwhile, the Automotive Tyre Manufacturers Association (ATMA) has urged the rubber board to take steps to avoid delays in mandatory inspection of imported rubber which is affecting the raw material availability for manufacturers. The onus of ensuring quality of imported rubber should lie with the manufacturers and not the government, ATMA said,.
Key Tokyo rubber futures have fallen 2.3 percent in early trade on Tuesday, tracking losses in Shanghai and Singapore after Standard & Poor's warned it may cut the United States credit rating, sending oil prices plunging and lifting the yen. The key Tokyo Commodity Exchange rubber contract for September delivery was down 9.9 yen at 415.1 yen per kg as of 0021 GMT. The most-active Shanghai rubber contract for September delivery ended 335 yuan lower to finish at 34,960 yuan($5,351.677) per tonnes on Monday, Reuters reported.
At India's National Multi-Commodity Exchange, May rubber futures opened weaker at 23,800 per 100 kg tracking global trends and is currently trading at Rs 23,535 as against previous close of Rs 24,019.

(Source: http://www.commodityonline.com/news/India-rubber-output-rises-37-to-861950-tons-38290-3-1.html)