A division bench of the Kerala High Court directed the Central government to take a decision within two months on the plea by rubber growers to stop import of natural rubber and rubber products. The direction was passed while dismissing two appeals by the Independent Farmers Association of Kerala, Pala, and Rubber Producers Society, Kottayam.

The appellants had wanted the court to direct the Centre to prohibit further import of natural rubber and rubber products. Earlier, a single bench had dismissed the petition saying it was a policy matter and that the state governement had taken up the issue with the Centre. The appellants submitted that following import of rubber, agricultural operation of rubber would become financially unviable. It could not be dismissed as a policy matter as it would affect the fundamental right to life of agriculturists, they held.

Liffe sugar outlook

Liffe white sugar futures brokers are expecting a day of slow trading on Tuesday,amid further selling pressure from producers, dealers said. The Liffe August contract had dropped $3.50 a metric tonne on Monday as little buying interest was heard, dealers said. Sugar futures also closed down in New York on mixed selling, traders said. Trading was dominated by technical factors in the absence of fundamental news. Commission houses, locals and speculators were all sellers, said sugar traders. Lack of offtake continued to weigh on the market, they said.

ISO sees surplus in sugar trade

World sugar The world's sugar trade will move into a surplus of 100,000 metric tonnes in 1997-98, the International Sugar Organisation said in its Quarterly Sugar Report published on Tuesday. The ISO previously forecast a deficit of 364,000 tonnes. World output was seen at 123.797 tons while consumption was 123.697, said the ISO. However, in real terms the world sugar market is expected to be oversupplied by some 680,000 metric tons in 1997-98, said the ISO. After a third revision, it expects worldexport availability to reach 33.96 million tonnes in 1997-98 while import demand is expected to be 33.28 million tonnes.

Local sugar prices down

Select sugar mill delivery section prices receded further on the local sugar market on Tuesday due to reduced offtake in the wake of increased stocks. However, on the other hand, whole-sale market prices witnesed no change from their previous levels on limited enquiries. Sugar ready m-30 and sugar ready s-30 declined from Rs 1500-1535 and Rs 1445-1495 to Rs 1500-1520 and Rs 1480-1500 per quintal respectively on lack of buying interest. Sugar mill delivery m-30 and sulphur mini medium slipped from Rs 1360-1415 and Rs 1390-1420 per quintal.

Australian barley crop forecast

Australian Wheat Forecasters Pty Ltd (AWF) slightly raised its forecast of Australia's 1998-99 (April/March) barley crop to 5.05 million tonnes from its previous forecast of 5.04 million tonnes a month ago. All barley producing areas received favourable rains over the past month,the private forecaster said on Tuesday. The last important barley production area to receive heavy rain was north and northeast of Perth in Western Australia. This rain, received last week, meant all Australia's barley areas had now had an excellent set of rains to start the winter growing season, it said.

Tea prices firm at Kenya tea auction

Prices were generally firmer and demand stronger at the Kenyan tea export auction in the coastal resort of Mombasa on Monday, traders said on Tuesday. "There was strong and much-improved general demand at all levels," brokerage house Africa Tea Brokers said in a statement. Best Pekoes of all categories rose 15-40 US cents, Brighter Pekoes Fannings gained up to 60 cents while coloury mediums rose by as much as 50 cents, brokers said. Lighter, lower mediums and plainer teas rose by 5-25 cents. Pekoes Dusts and Dusts of all types also made gains. Secondary Dusts rose while well sorted fannings were firm to dearer.

Rubber prices decline

Natural rubberprices eased a little on the primary market on increased arrivals after witnessing an uptrend since last week, dealers said. "Procurement by government-owned agencies is yet to pick up but arrivals were high in anticipation of the procurement," they said. On Tuesday, RSS four grade prices decreased to Rs 2900 a quintal against Rs 2950 on Monday. At Kochi, the other major market, the prices declined to Rs 2850 against Rs 2900. Lot rubber prices dipped to Rs 2600 a quintal against Rs 2650 here, while at Kochi, there was no trading. In the international market also, poor demand for futures resulted in a downtrend.

Pepper prices divergent

Black pepper prices witnessed a divergent trend with prices for short-term contracts moving up marginally on demand and rates for long-term futures declining on poor demand, dealers said. "Some demand for June futures pushed up its prices but rates for other contracts slipped due to lack of demand from exporters," they said. On Tuesday, June contracts were quotedhigher at Rs 21,900 a quintal against Rs 21,750 on Monday. But July contracts slid to Rs 22,650 against Rs 22,700 and August moved up marginally to Rs 23,350 against Rs 23,335. In spot trading, garbled pepper closed flat Rs 20,900 and ungarbled at Rs 20,200.

Non-ferrous metals firm up

Prices moved in a limited range on the non-ferrous metal market on Tuesday on alternate bouts of buying and selling before winding up higher. Marketmen said buying activity by local parties mainly influenced the trading sentiment. The volume of business was small. Tin ingot gained Rs 3 at Rs 343 per kg on fresh buying in the wake less arrivals from Indonesia due to unrest there. Solder was up by Rupee one at Rs 143 per kilo on industrial units buying. Copper rod was up by 50 paise at Rs 135.50, coper wire bar at Rs 132.50 and copper wire at Rs 141 per kilo respectively.

Palladium stuck at limit-highs

Yen-based palladium futures ended limit-up for the sixth consecutive trading day on Tuesday, as investorsactively bought contracts due to lingering worries over Russian supplies, traders said. Silver futures ended limit-down after thin trade, tracking New York's plunges overnight, while platinum closed sharply lower on profit-taking selling. Gold ended mixed. All palladium futures, except for the limitless spot May contract, were stuck at their limit-highs almost all day. Benchmark April ended up the daily limit of 80 yen per gramat 1,322 yen, marking a record high for the benchmark contract.

Statoil's Navion to receiveoil shuttle

Tanker In Sept Navion AS, the shipping subsidiary of the Norwegian state-owned oil company Statoil AS, is to receive a new oil shuttle tanker in September with three further tankers due to be delivered in 1999, announced Navion on Tuesday. "The four new shuttle tankers, of 130,000 deadweight tons each, were ordered by Navion at a cost of between $60 million and $70 million each," said Aadme Brathammer, vice president of public affairs at Navion. Brathammer said: "Navion hascontracts with 19 Norwegian and UK oil fields," and he expects the shuttle tankers to be deployed somewhere in the Norwegian or U.K. sectors of the fields. "Navion also has a 50 per cent stake in two new drill ships, one of which is expected to be ready for operation at the Norwegian oil shelf by the end of 1998," said Brathammer.

Cotton prices decline further

Prices of major select cotton varieties continued to decline for second day today by about Rs 56, while Maharshtra varieties reamined firm at the South India Cotton Association.

Cotton yarn prices improve

Prices of cotton yarn improved on the local market here on Tuesday on fresh demand from meerut, modi nagar, sardhana and other neighbouring markets. Traders said demand from local glove makers also helped prices to impove. The volume of business was satisfactory. In the hank yarn section, K C textiles 2/4 quoted higher at Rs 246-247 from Rs 246 per 4.54 kgs, KC textiles 2/6 quoted at Rs 256-257 from Rs 255 per 4.54 kg while KCtextiles 2/20 improved to Rs 396-398 from Rs 395/4.5 kgs.

(Compiled from Reuters and agencies)