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…!!!

A Study Of Chit Finance In Kerala With Special Emphasis On Kerala State Financial Enterprises Ltd.

Chit funds contribute to the value of financial markets in India particularly in Kerala. Chit finances with its unique features are of great significance especially as a savings cum borrowing avenue. The present study entitled “A Study of chit Finance in Kerala with special emphasis on Kerala State Financial Enterprises Ltd.” examines the socio-economic aspects of Chit schemes run by the private Chit Funds, KSFE, co-operatives, and informal Chit Funds. The study is an attempt to find the reasons for the growing popularity of Chit Funds as savings cum borrowings avenues even in the presence of various other avenues of savings and borrowings and also to understand how the Chit subscribers utilize the funds. The objectives of the present study are to examine the trends and pattern of growth of Chit Funds in the formal sector in Kerala, performance of KSFE as the only public sector Chit Fund company in India, preference for joining Chit Funds, estimate the cost and return on Chit Funds etc. is an indigenous financial instrument is complementary to modern financial techniques of savings and borrowings. KSFE is the dominant foremen in the chit business in Kerala, its weaknesses result in the non-attainment of certain objectives. Driven by the growing trend of privatization, KSFE needs to be innovative and competitive. It is also necessary that KSFE continue its leadership role by being more effective in being the harbinger of more efficiency, professionalism and good governance in the Chit Fund Industry. The growth and development of chit business by protecting the interests of both the subscribers and the foremen will therefore be most beneficial for any growing economy.

Effect of Diphenyldisulfides with Different Substituents on the Reclamation of NR Based Latex Products

The latex industry has expanded over the years to meet the world demands for gloves, condoms, latex thread etc. Because of the strict specifications for the products and the unstable nature of the latex, as high as 15%, of the final latex products are rejected. Since waste latex rubber (WLR) represents a source of high quality rubber hydrocarbon, it is a potential candidate for generating reclaimed rubber of superior quality. Two types of WLR with different amounts of polysulfidic bridges are used in these experiments, which are reclaimed with variation of the concentration of the reclaiming agents, the reclamation temperature and time, Di phenyldisultide, 2-aminophenyldisulfide and 2,2'-dibenzamidodiphenyldisulfide (DBADPDS) are used as reclaiming agents, and the effect of diphenyldisulfides (DPDS) with different substituents, on the reclamation efficiency of WLR is investigated. A kinetic study of the reclamation reaction with the three reclaiming agents is done. The reaction rates and activation energies are calculated and compared with literature values. The comparative study of the three different reclaiming agents shows that (DBADPDS) is able to break the crosslinks at temperature levels 20'C below the temperature levels normally used with DPDS. Another advantage of this reclaiming agent is the reduced smell during the reclamation process and of the final reclaims, one of the most important shortcomings of other disulfides used for this purpose.

Studies on metal complexes with acylhydrazones based on heterocyclic carbonyl compounds

Dept.of Applied Chemistry, Cochin University of Science and Technology

Investigations on the Distribution Characteristics of Heavy Metals in Squid (Loligo spp.) in Relation to Levels in Food Fishes from the West Coast of India with a Perspective on Seafood Safety

The present study entitled "Investigations on the Distribution Characteristics of Heavy Metals in Squid (Loligo spp.) in Relation to Levels in Food Fishes from the West Coast of India with a Perspective on Seafood Safety"attempts to establish the base line data on metal levels in squids along the west coast of India. The study is of great relevance in the present context when utmost importance is being given for producing wholesome seafoods especially in the export market with a perspective on seafood safety.The thesis presents a comprehensive account of the base line data on important heavy metals, viz., Hg, Cd, Pb, Cu, Zn, Fe, Mn Cr and Ni in the edible and non-edible body components of the most abundant Loligo species, viz., L. duvauceli caught along the west coast of India.

Planning And Operation Problems Of Indian Major Ports With Special Emphasis On Cochin Port

Rapid changes in the technological environment of marine logistics and the increasing integration of waterborne, air and land transport systems have fostered a revolution in the design and operations of transport vehicles, cargo handling technology, and terminal facilities. This in turn has caused major changes in the functions of and uses of ports. From literature, it was found that these changes were very slow in case of Indian ports and the performances of port operations were poor when compared with similar ports in the same region. It was also found that a very few studies were conducted to identify the reasons for slow improvements in the performances of Indian major ports. In this thesis, an attempt is made to find out the operational problems of Indian major ports and to analyze the reasons for it. Some solutions have also been found out using management tools