A Study on Futures Trading in Commodities With Special Reference to Rubber

Futures trading in Commodities has three specific economic functions viz. price discovery, hedging and reduction in volatility. Natural rubber possesses all the specifications required for futures trading. Commodity futures trading in India attained momentum after the starting of national level commodity exchanges in 2003. The success of futures trading depends upon effective price risk management, price discovery and reduced volatility which in turn depends upon the volume of trading. In the case of rubber futures market, the volume of trading depends upon the extent of participation by market players like growers, dealers, manufacturers, rubber marketing co-operative societies and Rubber Producer’s Societies (RPS). The extent of participation by market players has a direct bearing on their awareness level and their perception about futures trading. In the light of the above facts and the review of literature available on rubber futures market, it is felt that a study on rubber futures market is necessary to fill the research gap, with specific focus on (1) the awareness and perception of rubber futures market participants viz. (i) rubber growers, (ii) dealers, (iii) rubber product manufacturers, (iv) rubber marketing co-operative societies and Rubber Producer’s Societies (RPS) about futures trading and (2) whether the rubber futures market is fulfilling the economic functions of futures market viz. hedging, reduction in volatility and price discovery or not. The study is confined to growers, dealers, rubber goods manufacturers, rubber marketing co-operative societies and RPS in Kerala. In order to achieve the stated objectives, the study utilized secondary data for the period from 2003 to 2013 from different published sources like bulletins, newsletters, circulars from NMCE, Reserve Bank of India (RBI), Warehousing Corporation and traders. The primary data required for this study were collected from rubber growers, rubber dealers, RPS & Rubber Marketing Co-operative Societies and rubber goods manufacturers in Kerala. Data pertaining to the awareness and perception of futures trading, participation in the futures trading, use of spot and futures prices and source of price information by dealers, farmers, manufacturers and cooperative societies also were collected. Statistical tools used for analysis include percentage, standard deviation, Chi-square test, Mann – Whitney U test, Kruskal Wallis test, Augmented Dickey – Fuller test statistic, t- statistic, Granger causality test, F- statistic, Johansen co – integration test, Trace statistic and Max –Eigen statistic. The study found that 71.5 per cent of the total hedges are effective and 28.5 per cent are ineffective for the period under study. It implies that futures market in rubber reduced the impact of price risks by approximately 71.5 per cent. Further, it is observed that, on 54.4 per cent occasions, the futures market exercised a stabilizing effect on the spot market, and on 45.6 per cent occasions futures trading exercised a destabilizing effect on the spot market. It implies that elasticity of expectation of futures market in rubber has a predominant stabilizing effect on spot prices. The market, as a whole, exhibits a bias in favour of long hedges. Spot price volatility of rubber during futures suspension period is more than that of the pre suspension period and post suspension period. There is a bi-directional association-ship or bi-directional causality or pair- wise causality between spot price and futures price of rubber. From the results of the hedging efficiency, spot price volatility, and price discovery, it can be concluded that rubber futures market fulfils all the economic functions expected from a commodity futures market. Thus in India, the future of rubber futures is Bright…!!!

Economic Impacts Of Air Pollution on Human Health and Property Values

The objectives of the present study are to provide a systematic descriptive documentation of the nature of air pollution of the Cochin industrial agglomeration, estimate the willingness to pay for morbidity reduction due to air pollution in observed and hypothetical markets and to estimate the value of welfare loss in the purchase of property due to reduced air quality. This study is an attempt to examine economic impacts of air pollution on the human health and property values in the industrial capital of Kerala. The process of industrialization in Kerala and the increase in air pollution created damages to human, natural and economic resources in the state. The study documents the extent of air pollution and applied econometric approaches to estimate economic impacts of air pollution on human health and property values. The Important sources of air pollution identified in Cochin are emissions from industries and automobiles.

Compatibility Studies on Sulphur Cured EPDM/CIIR Blends

The principal objective of this study was to explore the compatibility of a blend of two synthetic elastomers viz., ethylene-propylene-diene rubber (EPDM) and chlorobutyl rubber (CIIR). Various commercial grades of EPDM were blended with a specific grade of CIIR at different proportions. The mechanical properties such as tensile strength, tear strength, ageing resistance, etc. were studied. On the basis of the observed physical properties, two particular grades of EPDM were found to be compatible with CIIR. Differential scanning calorimetry and scanning electron microscopy confirmed the results. Chlorosulphonated polyethylene was added as a compatibilizing agent to overcome the phase separation of the other two incompatible grades of EPDM in blending with CIIR. The results revealed that the addition of compatibilizer greatly improves the compatibility and thereby the properties of the blends.

STUDIES ON HAEMOLYMPH CONSTITUENTS OF PILA VIRENS (LAMARCK) AND THE EFFECTS OF PESTICIDES ON THE ACTIVITY PATTERN OF SELECTED ENZYMES

The present study is an attempt to understand the physiological responses of a freshwater gastropod, in terms of haematological parameters, in normal conditions as well as in various natural and man made altered conditions of the environment.Pila virens, a freshwater prosobranch,commonly found in paddy fields, ponds, and streams of Kerala is selected as the test animal for the present investigation. Various haemolymph constituents such as total carbohydrate, glycogen, total protein, total lipid, urea,ammonia,sodium,potasium, calcium, and chloride which are directly involved in the control and maintenance of different physiological systems, were analysed in the present study. Selected haematological parameters like total haemocyte number, and packed cell volume were also determined. Besides , the activity pattern of selected haemolymph enzymes such as acid phosphatase (ACP), alkaline phosphatase (ALP),Glutamate-oxaloacetate transaminase (GOT), and glutamate-pyruvate transaminase (GPT), all having diagnostic value in terms of internal defence system and metabolism of the organism, were also studied.

Physiological and Genetic Diversity Studies on Regeneration of Santalum Album L.

S. album L. is the source of highly priced and fragrant heartwood which on steam distillation yields on an average 57 per cent oil of high perfumery value. Global demand for sandalwood is about 5000-6000 tons/year and that of oil is 100 tons/year. Heartwood of sandal is estimated to fetch up to Rs. 3.7 million/ton and wood oil Rs.70,000-100,000/ kg in the international market. Sandal heartwood prices have increased from Rs. 365/ton in 1900 to Rs. 6.5 lakhs/ton in 1999-2000 and to Rs. 37 lakhs/ton in 2007. Substantial decline in sandalwood production has occurred from 3176 tons/year during 1960-‘ 65 to 1500 tons/year in 1997-98, and to 500 tons/year in 2007.Depletion of sandal resources is attributed to several factors, both natural and anthropogenic. Low seed setting, poor seed germination, seedling mortality, lack of haustorial connection with host plant roots, recurrent annual fires in natural sandal forests, lopping of trees for fodder, excessive grazing, hacking, encroachments, seedling diseases and spread of sandal spike disease are the major problems facing sandal. While these factors hinder sandal regeneration in forest areas, the situation is accelerated by human activities of chronic overexploitation and illicit felling.Deterioration of natural sandal populations due to illicit felling, encroachments and diseases has an adverse effect on genetic diversity of the species. The loss of genetic diversity has aggravated during recent years due to extensive logging, changing landuse patterns and poor natural regeneration. The consequent genetic erosion is of serious concern affecting tree improvement programme in sandal. Conservation as well as mass propagation are the two strategies to be given due importance. To initiate any conservation programme, precise knowledge of the factors influencing regeneration and survival of the species is essential. Hence, the present study was undertaken with the objective of investigating the autotrophic and parasitic phase of sandal seedlings growth, the effects of shade on morphology, chlorophyll concentration and chlorophyll fluorescence of sandal seedlings, genetic diversity in sandal seed stands using ISSR markers, and the diversity of fungal isolates causing sandal seedling wilt using RAPD markers. All these factors directly influence regeneration and survival of sandal seedlings in natural forests and plantations.

EPDM/CIIR Blends: Compatibility, Morphology and Physical Properties

A detailed study of the blends of ethylene-propylene-diene rubber (EPDM) and chlorobutyl rubber (CIIR) is proposed in this study. These blends may find application in the manufacture of curing diaphragms/curing envelopes for tire curing applications. EPDM possesses better physical properties such as high heat resistance, ozone resistance, cold and moisture resistance, high resistance to permanent defonnation, very good resistance to flex cracking and impact. Because of the low gas and moisture penneability, good weathering resistance and high thermal stability of CIIR, blends of EPDM with CIlR may be attractive, if sufficient mechanical strength can be developed. Although a lot of work has been done on elastomer blends, studies on the blends of EPDM and CIIR rubbers are meagre. Hence in this investigation it is proposed to make a systematic study on the characteristics of EPDM and CIIR rubber blends.The mechanical and physical properties of an elastomer blend depend mainly on the blend compatibility. So in the first part of the study, it is proposed to develop compatible blends of EPDM with CIIR. Various commercial grades of ethylenepropylene- diene rubber are proposed to be blended with a specific grade of chlorobutyl rubber at varying proportions. The extent of compatibility in these blends is proposed to be evaluated based on their mechanical properties such as tensile strength, tear strength and ageing resistance. In addition to the physical property measurements, blend compatibility is also proposed to be studied based on the glass transition behavlour of the blends in relation to the Tg's of the individual components using Differential Scanning Calorimetry (DSC) and Dynamic Mechanical Analysis (DMA). The phase morphology of the blends is also proposed to be investigated by Scanning Electron Microscopy (SEM) studies of the tensile fracture surfaces. In the case of incompatible blends, the effect of addition of chlorosulfonated polyethylene as a compatibiliser is also proposed to be investigated.In the second part of the study, the effect of sulphur curing and resin curing on the curing behaviour and the vulcanizate properties of EPDM/CIIR blends are planned to be evaluated. Since the properties of rubber vulcanizates are determined by their network structures, it is proposed to determine the network structure of the vulcanizates by chemical probes so as to correlate it with the mechanical properties.In the third part of the work, the effect of partial precuring of one of the components prior to blending as a possible means of improving the properties of the blend is proposed to be investigated. This procedure may also help to bring down the viscosity mismatch between the constituent e1astomers and provide covulcanization of the blend.The rheological characteristics and processability of the blends are proposed to be investigated in the last part of the study. To explore their possible applications, the air permeability of the blend samples at varying temperatures is proposed to be measured. The thermal diffusivity behaviour of EPDM/CIlR blends is also proposed to be investigated using novel laser technique. The thermal diffusivity of the blends along with the thermal degradation resistance may help to determine whether the blends are suitable for high temperature applications such as in the manufacturing of curing envelope.

Refinance operations of the national bank for agriculture and rural development-the kerala experience

NABARD has completed 14 years of operation.ln the light of its experiences and achievements, the performance ev.ilu.ilion of the National Bank need to be looked into.This could provide certain criteria for its strength and weakness which may help in consolidating the institution for better utilisation of its potentialities. It is also noteworthy that no evaluative study on the National Bank has been conducted in Kerala. The Major objective of this study is to evaluate the role of NABARD in catering to the long-term agricultural requirements of Kerala for 1982 to 1992.This is done by analysing the quantum and quality of NABARD's schematic refinance. The qualitative indices like (1) the efficiency of loan recovery, (2) the impact or financial viability of NABARD refinanced schemes, (3) the credit gap, (4) the commitment-disbursement gap, and (5) the imbalances in the NABARD refinance form the core of the study.Hypotheses were formulated inorder to study and analyse these qualitative indices. The study is presented in eight chapters

Materials for Fish Nets-Their Properties, Selection and Preservation

The properties of synthetic fibres vary with thc inherent physical characteristics of the basic raw materials used mode of preparation of yarns and method of construction of twines. Since the synthetic fibres as maufactured from polymers which are synthesized from simple chemical units, the qualities of man-made fibres can he influenced by the process of manufacture and certain modifications can even be introduced at the processing stage to meet any specific requirement to a certain extent. Hence, an elaborate study of the properties of fish not twines produced has been taken up with a view to determining their suitability for various types of fishing gear with particular reference to conditions prevailing in India.

Studies on the use of Nanokaolin, MWCNT and Graphene in NBR and SBR

The current research investigates the possibility of using unmodified and modified nanokaolin, multiwalled carbon nanotube (MWCNT) and graphene as fillers to impart enhancement in mechanical, thermal, and electrical properties to the elastomers. Taking advantage of latex blending method, nanoclay, MWCNT and graphene dispersions, prepared by ultra sound sonication are dispersed in polymer latices. The improvement in material properties indicated better interaction between filler and the polymer.MWCNT and graphene imparted electrical conductivity with simultaneous improvement in mechanical properties. Layered silicates prepared by microwave method also significantly improve the mechanical properties of the nanocomposites. The thesis entitled ‘Studies on the use of Nanokaolin, MWCNT and Graphene in NBR and SBR’ consists of ten chapters. The first chapter is a concise introduction of nanocomposites, nanofillers, elastomeric matrices and applications of polymer nanocomposites. The state-of-art research in elastomer based nanocomposites is also presented. At the end of this chapter the main objectives of the work are mentioned. Chapter 2 outlines the specifications of various materials used, details of experimental techniques employed for preparing and characterizing nanocomposites. Chapter3 includes characterization of the nanofillers, optimsation of cure time of latex based composites and the methods used for the preparation of latex based and dry rubber based nanocomposites. Chapter4 presents the reinforcing effect of the nanofillers in XNBR latex and the characterization of the nanocomposites. Chapter5 comprises the effect of nanofillers on the properties of SBR latex and their characterization Chapter 6 deals with the study of cure characteristics, mechanical and thermal properties and the characterization of NBR based nanocomposites. Chapter7 is the microwave studies of MWCNT and graphene filled elastomeric nanocomposites. Chapter 8 gives details of the preparation of layered silicates, their characterization and use in different elastomeric matrices. Chapter 9 is the study of mechanical properties of nanoclay incorporated nitrile gloves .Chapter 10 presents the summary and conclusions of the investigation.

Investigations on the structural and operational changes of Ring Seine Fishing Systems of Kerala and its Life Cycle Assessment (lCA)

The study covers theFishing capture technology innovation includes the catching of aquatic animal, using any kind of gear techniques, operated from a vessel. Utilization of fishing techniques varies, depending upon the type of fisheries, and can go from a basic and little hook connected to a line to huge and complex mid water trawls or seines operated by large fishing vessels.The size and autonomy of a fishing vessel is largely determined by its ability to handle, process and store fish in good condition on board, and thus these two characteristics have been greatly influenced by the introduction and utilization of ice and refrigeration machinery. Other technological developments especially hydraulic hauling machinery, fish finding electronics and synthetic twines have also had a major impact on the efficiency and profitability of fishing vessels.A wide variety of fishing gears and practices ranging from small-scale artisanal to advanced mechanised systems are used for fish capture in Kerala. Most important among these fishing gears are trawls, seines, lines, gillnets and entangling nets and traps The modern sector was introduced in 1953 at Neendakara, Shakthikulangara region under the initiative of Indo-Norwegian project (INP). The novel facilities introduced in fishing industry by Indo- Norwegian project accordingly are mechanically operated new boats with new fishing nets. Soon after mechanization, motorization programme gained momentum in Kerala especially in Alleppey, Ernakulam and Kollam districts.