Kolkata, May 9 (UNI) All India Rubber Industries Association today welcomed the government's order suspending future trading in natural rubber for four months.
The AIRIA has been representing to the government for removal of natural rubber from the list of commodities eligible for future trading.
AIRIA president M F Vohra said the "future trading should only be allowed for such commodities, which are available in the country in abundance and the entire quantity cannot be consumed indigenously." Natural rubber is in any case in short supply and its easy availability has become a problem for the industry.
While the AIRIA had no qualms on the price of indigenous natural rubber, as may be determined by the market forces, it had voiced its concern about the manipulation in prices being indulged by a section of traders involved in future trading fuelling the price rise abnormally.
Mr Vohra said the temporary ban on futures trading of natural rubber should be made permanent or at least continue till the supply situation of natural rubber was considerably eased and surpluses were available.
UNI PC KK DB1732