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…!!!

Entrepreneurship and Motivation in Small Business Sector of Kerala

This thesis Entitled entrepreneurship and motivation in small business sector of kerala -A study of rubber products manufacturing industry.Rubber-based industry in Kerala was established only in the first half of the 20th century.the number of licensed manufacturers in the State has increased substantially over the years, particularly in the post- independence period. 54 rubber manufacturing units in 1965-66, the number of licensed rubber-based industrial units has increased to 1300 units in 2001-02. In 2001-02 Kerala occupied the primary position in the number of rubber goods manufacturers in the country.As per the latest report of the Third All India Census of Small Scale Industries 2001-02, Kerala has the third largest number of registered small scale units in the country next after Tamil Nadu and Utter Pradesh.This study of entrepreneurship in the small-scale rubber goods manufacturing industry in Kerala compares a cross section of successful and unsuccessful entrepreneurs with respect to socio-economic characteristics and motivational dynamics. Based on a sample survey of 120 entrepreneurs of Kottayam and Ernakulam districts successful and unsuccessful entrepreneurs were selected using multiple criteria. The study provides guidelines for the development of entrepreneurship in Kerala.The results on the socio-economic survey support the hypothesis that the successful entrepreneurs will differ from unsuccessful entrepreneurs with respect to education, social contacts, initial investment, sales turnover, profits, capital employed, personal income, and number of employees.Successful entrepreneurs were found to be self~starters. Successful entrepreneurs adopted a lot more technological changes than unsuccessful entrepreneurs. Successful entrepreneurs were more innovative — the percent of successful entrepreneurs and unsuccessful entrepreneurs reporting innovations in business were 31.50 and 8.50 percent respectively.

Studies on Rubber Composition as Passive Acoustic Materials in Underwater Electro Acoustic Tranducer Technology and Their aging Characteristic

The research work has been in the area of compounding and characterization of rubbers for use in under water electro acoustic transducers. The study also covers specific material system such as encapsulation materials, baffle material, seal material, etc. Life prediction techniques of under water rubbers in general have been established with reference to more than one functional property. Ranges of passive materials, besides the active sensing material go into the construction of underwater electro acoustic transducers. Reliability of the transducer is critically dependent on these passive materials. Rubbers are a major class of passive materials. The present work concentrates on these materials. Conventional rubbers are inadequate to meet many of the stringent function specific requirements. There exists a large gap of information in the rubber technology of underwater rubbers, particularly relating to underwater electro acoustic transducers. This study is towards filling up the gaps of information in this crucial area. Water intake into rubber is considered as the single most important issue for the long-term performance of rubbers, especially Neoprene. In this study, the cause and effects of a range of parameters affecting the water absorption by diffusion and permeation have been investigated.

Radiopaque materials from natural polymers: Special emphasis on chitosan and natural rubber

The present work is to impart radiopacity in various natural polymers like chitosan, natural rubber and derivatives of chitosan and to characterize it. This thesis collated the radiopaque properties of these radiopaque polymers and various technological applications in the medical field. The applications of radiopaque polymers leads to an exploitation of radiopaque properties like X-ray visibility, optical density, effective atomic number, attenuation coefficient of biopolymers like chitosan, chitosan formate, chitosan acetate, carboxy methyl chitosan and natural rubber. The radiopaqe properties of these materials highly depend upon the size, shape, amount of radiopacifier and crystallinity of the radiopaque material. Radiopaque chitosan microspheres were prepared by cross linking with glutaraldehyde followed by the encapsulation of barium sulpahte. The effect of different emulsion systems on the morphology of chitosan microspheres were studied. The study concentrates radiopaque natural rubber for shielding applications. It reveals that to improve the particle size, morphology and crystalline phase of the zinc oxide particles, a novel method for the preparation of zinc oxide is adopted. A detailed radiopacity study was done in natural rubber containing 100phr precipitated zinc oxide prepared from different zinc salts. One of the significant findings of this investigation is that NR vulcanizates containing precipitated zinc oxide (from zinc acetate) shows higher attenuation coefficient. These interesting findings reveal the applications of these natural radiopaque systems in various fields like surgical tools, medical tubings, catheters, radiation shielding,etc.

Dielectric Behavior of Natural Rubber Composites in Microwave Fields

In this article, we report the preparation of conducting natural rubber (NR) with polyaniline (Pani). NR was made into a conductive material by the compounding of NR with Pani in powder form. NR latex was made into a conductive material by the in situ polymerization of aniline in the presence of NR latex. Different compositions of Pani- NR semi-interpenetrating networks were prepared, and the dielectric properties of all of the samples were determined in microwave frequencies. The cavity perturbation techpique was used for this study. A HP8510 vector network analyzer with a rectangular cavity resonator was used for this study. S bands 2-4 GHz in frequency were used. Thermal studies were also carried out with thermogravimetric analysis and differential scanning calorimetry.

Dielectric Behavior of Natural Rubber Composites in Microwave Fields

In this article, we report the preparation of conducting natural rubber (NR) with polyaniline (Pani). NR was made into a conductive material by the compounding of NR with Pani in powder form. NR latex was made into a conductive material by the in situ polymerization of aniline in the presence of NR latex. Different compositions of Pani- NR semi-interpenetrating networks were prepared, and the dielectric properties of all of the samples were determined in microwave frequencies. The cavity perturbation techpique was used for this study. A HP8510 vector network analyzer with a rectangular cavity resonator was used for this study. S bands 2-4 GHz in frequency were used. Thermal studies were also carried out with thermogravimetric analysis and differential scanning calorimetry.

Effect of the Vulcanization Time and Storage on the Stability and Physical Properties of Sulfur-Prevulcanized Natural Rubber Latex

Prevulcanized natural rubber latex was prepared by the heating of the latex compound at 55°C for different periods of time (2, 4, 6, 8, and 10 h). The changes in the colloidal stability and physical properties were evaluated during the course of prevulcanization. The prevulcanized latex compounds were stored for 300 days, and the properties were monitored at different storage intervals (0, 20, 40, 60, 120, 180, 240, and 300 days). During prevulcanization, the mechanical stability time increased, and the viscosity remained almost constant. The tensile strength increased during storage for a period of 20 days. The degree of crosslinking, modulus, elongation at break, and chloroform number were varied with the time of storage.

Latex Stage Blending of Natural Rubber and Poly(Vinyl Chloride ) for Improved Mechanical Properties

A novel method of blending natural rubber with polyvinylchloride in the latex stage was developed, Dioctyl phthalate (DOP) and Amine terminated natural rubber (ATNR) were used as plasticisers, for improving the mechanical properties of these blends. Properties of the latex stage blends were compared with those of dry blends. Latex stage blends showed superior mechanical properties compared to the blends prepared in the dry state. The ageing resistance, oil resistance and processability were found to be improved by latex stage blending.

Swelling behaviour of isora/natural rubber composites in oils used in automobiles

Natural rubber/isora fibre composites were cured at various temperatures. The solvent swelling characteristics of natural rubber composites containing both untreated and alkali treated fibres were investigated in aromatic and aliphatic solvents like toluene, and n-hexane. The diffusion experiments were conducted by the sorption gravimetric method. The restrictions on elastomer swelling exerted by isora fibre as well as the anisotropy of swelling of the composite have been confirmed by this study. Composite cured at 100°C shows the lowest percentage swelling. The uptake of aromatic solvent is higher than that of aliphatic solvent for the composites cured at all temperatures. The effect of fibre loading on the swelling behaviour of the composite was also investigated in oils like petrol, diesel, lubricating oil etc. The % swelling index and swelling coefficient of the composite were found to decrease with increase in fibre loading. This is due to the increased hindrance exerted by the fibres at higher fibre loadings and also due to the good fibre-rubber interactions. Maximum uptake of solvent was observed with petrol followed by diesel and then lubricating oil. The presence of bonding agent in the composites restrict the swelling considerably due to the strong interfacial adhesion. At a fixed fibre loading, the alkali treated fibre composite showed lower percentage swelling compared to the untreated one.

Mechanical Properties of Short-Isora-Fiber-Reinforced Natural Rubber Composites: Effects of Fiber Length, Orientation, and Loading; Alkali Treatment;and Bonding Agent

A series of short-isora-fiber-reinforced natural rubber composites were prepared by the incorporation of fibers of different lengths (6, 10, and 14 mm) at 15 phr loading and at different concentrations (10, 20, 30, and 40 phr) with a 10 mm fiber length. Mixes were also prepared with 10 mm long fibers treated with a 5% NaOH solution. The vulcanization parameters, processability, and stress-strain properties of these composites were analyzed. Properties such as tensile strength, tear strength, and tensile modulus were found to be at maximum for composites containing longitudinally oriented fibers 10 mm in length. Mixes containing fiber loadings of 30 phr with bonding agent (resorcinol-formaldehyde [RF] resin) showed mechanical properties superior to all other composites. Scanning electron microscopy (SEM) studies were carried out to investigate the fiber surface morphology, fiber pullout, and fiber-rubber interface. SEM studies showed that the bonding between the fiber and rubber was improved with treated fibers and with the use of bonding agent.

Preparation and Properties of Iodine-Doped Radiopaque Natural Rubber

Polymers exhibit low electron density and they are radiolucent. Polymers can be made radiopaque by different techniques. We report a method for the preparation of radiopaque material from natural rubber (NR). NR in its latex form was iodinated. Iodinated natural rubber (INR) was characterized by using UV, thermo gravimetric analysis (TGA), and X-ray images. INR was compounded at high and low temperatures and its physical properties were measured. The low temperature cured samples show good radiopacity and conductivity. The optical density of low temperature cured samples was measured.

Model Compound Studies on the Devulcanization of Natural Rubber Using 2, 3-Dimethyl-2-Butene

The mechanism of devulcanization of sulfur-vulcanized natural rubber with aromatic disulfides and aliphatic amines has been studied using 23-dimethyl-2-butene (C5H1,) as a low-molecular weight model compound. First C6H12 was vulcanized with a mixture of sulfur, zinc stearate and N-cyclohexyl-2-benzothiazylsulfenamide (CBS) as accelerator at 140 °C, resulting in a mixture of addition products (C(,H 1 i-S,-C5H 1 i ). The compounds were isolated and identified by High Performance Liquid Chromatography (HPLC) with respect to their various sulfur ranks. In it second stage, the vulcanized products were devulcanized using the agents mentioned above at 200 °C. The kinetics and chemistry of the breakdown of the sulfur-hridges were monitored. Both devulcanization agents decompose sulfidic vulcanization products with sulfur ranks equal or higher than 3 quite effectively and with comparable speed. Di phenyldisulfide as devulcanization agent gives rise to a high amount of mono- and disulfidic compounds formed during the devulcanization, hexadecylamine, as devulcanization agent, prevents these lower sulfur ranks from being formed.

Science and technology of rubber reclamation with special attention to NR-based waste latex products

A comprehensive overview of reclamation of cured rubber with special emphasis on latex reclamation is depicted in this paper. The latex industry has expanded over the years to meet the world demands for gloves, condoms, latex thread, etc. Due to the strict specifications for the products and the unstable nature of the latex as high as 15% of the final latex products are rejected. As waste latex rubber (WLR) represents a source of high-quality rubber hydrocarbon, it is a potential candidate for generating reclaimed rubber of superior quality. The role of the different components in the reclamation recipe is explained and the reaction mechanism and chemistry during reclamation are discussed in detail. Different types of reclaiming processes are described with special reference to processes, which selectively cleave the cross links in the vulcanized rubber. The state-of-the-art techniques of reclamation with special attention on latex treatment are reviewed. An overview of the latest development concerning the fundamental studies in the field of rubber recycling by means of low-molecular weight compounds is described. A mathematical model description of main-chain and crosslink scission during devulcanization of a rubber vulcanizate is also given.

Modification of Butadiene -Acrylonitrile Rubber/ Poly(Vinyl Chloride) Blend Using Natural Rubber, Styrene-Butadiene Rubber, and Polybutadiene Rubber

Natural rubber, styrene-butadiene rubber, and polybutadiene rubber were used to replace part of the butadieneacrylonitrile rubber in a 70/30 butadiene-acrylonitrile rubber/ poly(vinyl chloride) blend. Such replacement up to 15% of the total weight of the blend improved the mechanical properties, while decreasing the cost of the blend. Styrenebutadiene rubber could replace butadiene-acrylonitrile rubber up to 30% of the total weight of the blend without deterioration in the mechanical properties.