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…!!!

New studies on the versatile roles of Polyaniline and its composites in polymer based optoelectronic and energy storage devices

From the early stages of the twentieth century, polyaniline (PANI), a well-known and extensively studied conducting polymer has captured the attention of scientific community owing to its interesting electrical and optical properties. Starting from its structural properties, to the currently pursued optical, electrical and electrochemical properties, extensive investigations on pure PANI and its composites are still much relevant to explore its potentialities to the maximum extent. The synthesis of highly crystalline PANI films with ordered structure and high electrical conductivity has not been pursued in depth yet. Recently, nanostructured PANI and the nanocomposites of PANI have attracted a great deal of research attention owing to the possibilities of applications in optical switching devices, optoelectronics and energy storage devices. The work presented in the thesis is centered around the realization of highly conducting and structurally ordered PANI and its composites for applications mainly in the areas of nonlinear optics and electrochemical energy storage. Out of the vast variety of application fields of PANI, these two areas are specifically selected for the present studies, because of the following observations. The non-linear optical properties and the energy storing properties of PANI depend quite sensitively on the extent of conjugation of the polymer structure, the type and concentration of the dopants added and the type and size of the nano particles selected for making the nanocomposites. The first phase of the work is devoted to the synthesis of highly ordered and conducting films of PANI doped with various dopants and the structural, morphological and electrical characterization followed by the synthesis of metal nanoparticles incorporated PANI samples and the detailed optical characterization in the linear and nonlinear regimes. The second phase of the work comprises the investigations on the prospects of PANI in realizing polymer based rechargeable lithium ion cells with the inherent structural flexibility of polymer systems and environmental safety and stability. Secondary battery systems have become an inevitable part of daily life. They can be found in most of the portable electronic gadgets and recently they have started powering automobiles, although the power generated is low. The efficient storage of electrical energy generated from solar cells is achieved by using suitable secondary battery systems. The development of rechargeable battery systems having excellent charge storage capacity, cyclability, environmental friendliness and flexibility has yet to be realized in practice. Rechargeable Li-ion cells employing cathode active materials like LiCoO2, LiMn2O4, LiFePO4 have got remarkable charge storage capacity with least charge leakage when not in use. However, material toxicity, chance of cell explosion and lack of effective cell recycling mechanism pose significant risk factors which are to be addressed seriously. These cells also lack flexibility in their design due to the structural characteristics of the electrode materials. Global research is directed towards identifying new class of electrode materials with less risk factors and better structural stability and flexibility. Polymer based electrode materials with inherent flexibility, stability and eco-friendliness can be a suitable choice. One of the prime drawbacks of polymer based cathode materials is the low electronic conductivity. Hence the real task with this class of materials is to get better electronic conductivity with good electrical storage capability. Electronic conductivity can be enhanced by using proper dopants. In the designing of rechargeable Li-ion cells with polymer based cathode active materials, the key issue is to identify the optimum lithiation of the polymer cathode which can ensure the highest electronic conductivity and specific charge capacity possible The development of conducting polymer based rechargeable Li-ion cells with high specific capacity and excellent cycling characteristics is a highly competitive area among research and development groups, worldwide. Polymer based rechargeable batteries are specifically attractive due to the environmentally benign nature and the possible constructional flexibility they offer. Among polymers having electrical transport properties suitable for rechargeable battery applications, polyaniline is the most favoured one due to its tunable electrical conducting properties and the availability of cost effective precursor materials for its synthesis. The performance of a battery depends significantly on the characteristics of its integral parts, the cathode, anode and the electrolyte, which in turn depend on the materials used. Many research groups are involved in developing new electrode and electrolyte materials to enhance the overall performance efficiency of the battery. Currently explored electrolytes for Li ion battery applications are in liquid or gel form, which makes well-defined sealing essential. The use of solid electrolytes eliminates the need for containment of liquid electrolytes, which will certainly simplify the cell design and improve the safety and durability. The other advantages of polymer electrolytes include dimensional stability, safety and the ability to prevent lithium dendrite formation. One of the ultimate aims of the present work is to realize all solid state, flexible and environment friendly Li-ion cells with high specific capacity and excellent cycling stability. Part of the present work is hence focused on identifying good polymer based solid electrolytes essential for realizing all solid state polymer based Li ion cells.The present work is an attempt to study the versatile roles of polyaniline in two different fields of technological applications like nonlinear optics and energy storage. Conducting form of doped PANI films with good extent of crystallinity have been realized using a level surface assisted casting method in addition to the generally employed technique of spin coating. Metal nanoparticles embedded PANI offers a rich source for nonlinear optical studies and hence gold and silver nanoparticles have been used for making the nanocomposites in bulk and thin film forms. These PANI nanocomposites are found to exhibit quite dominant third order optical non-linearity. The highlight of these studies is the observation of the interesting phenomenon of the switching between saturable absorption (SA) and reverse saturable absorption (RSA) in the films of Ag/PANI and Au/PANI nanocomposites, which offers prospects of applications in optical switching. The investigations on the energy storage prospects of PANI were carried out on Li enriched PANI which was used as the cathode active material for assembling rechargeable Li-ion cells. For Li enrichment or Li doping of PANI, n-Butyllithium (n-BuLi) in hexanes was used. The Li doping as well as the Li-ion cell assembling were carried out in an argon filled glove box. Coin cells were assembled with Li doped PANI with different doping concentrations, as the cathode, LiPF6 as the electrolyte and Li metal as the anode. These coin cells are found to show reasonably good specific capacity around 22mAh/g and excellent cycling stability and coulombic efficiency around 99%. To improve the specific capacity, composites of Li doped PANI with inorganic cathode active materials like LiFePO4 and LiMn2O4 were synthesized and coin cells were assembled as mentioned earlier to assess the electrochemical capability. The cells assembled using the composite cathodes are found to show significant enhancement in specific capacity to around 40mAh/g. One of the other interesting observations is the complete blocking of the adverse effects of Jahn-Teller distortion, when the composite cathode, PANI-LiMn2O4 is used for assembling the Li-ion cells. This distortion is generally observed, near room temperature, when LiMn2O4 is used as the cathode, which significantly reduces the cycling stability of the cells.

Lateral spreading in basal reinforced embankments supported by pile-like elements

Bei Dämmen auf wenig tragfähigem Untergrund ist es zwischenzeitlich Stand der Technik, an der Dammbasis eine Bewehrung aus hochzugfesten Geokunststoffen (Gewebe oder Geogitter) einzulegen. Dabei können die Bewehrungslagen direkt auf den weichen Boden oder über Pfahlelementen angeordnet werden, die die Dammlasten in tiefere, tragfähigere Schichten abtragen. Die horizontale Bewehrung an der Dammbasis hat die Aufgabe, die vertikalen Dammlasten und die nach außen wirkenden Spreizkräfte aufzunehmen. Dies ist besonders für bewehrte Tragschichten über Pfählen von großer Bedeutung, da sonst die Pfähle/Säulen eine Biegebeanspruchung erhalten, die sie aufgrund des geringen Durchmessers (oftmals unbewehrt) nicht aufnehmen können. Abgesicherte wissenschaftliche Erkenntnisse über Größe und Verteilung der Spreizspannung in Höhe ober- und unterhalb der Bewehrungslagen liegen derzeit noch nicht vor, aus denen dann auch die Beanspruchung abzuleiten ist, die aus der Spreizwirkung bei der Geokunststoffbemessung zu berücksichtigen ist. Herr Dr.-Ing. Gourge Fahmi hat dafür zunächst den Kenntnisstand zur Spreizbeanspruchung ohne und mit Bewehrung sowie ohne und mit Pfahlelementen zusammengefasst. Ein wesentlicher Teil einer wissenschaftlichen Untersuchungen stellt die Modellversuche in einem relativ großen Maßstab dar, die u. a. auch zur Validierung von numerischen Berechnungen zur Fragestellung vorgesehen waren. Dabei konnte nach gewissen Parameteranpassungen überwiegend eine gute Übereinstimmung zwischen Modellversuchen und FEM-Berechnungen erreicht werden. Lediglich bei den Dehnungen bzw. Zugkräften in den Geogittern über Pfahlelementen ergab die FEM bei dem verwendeten Programmsystem viel zu niedrige Werte. Es wurde dazu in der Arbeit anhand eigener Untersuchungen und Vergleichsergebnissen aus der Literatur eine Hypothese formuliert und zunächst die Berechnungsergebnisse mit einem Faktor angepasst. Mit den durchgeführten Verifikationen stand damit dann ein weitestgehend abgesichertes numerisches Berechnungsmodell zur Verfügung. Aufbauend auf diesen Vorarbeiten konnten Parameterstudien mit numerischen und analytischen Methoden zur Spreizproblematik durchgeführt werden. Dabei wurden die Randbedingungen und Parametervariationen sinnvoll und für die Fragestellung zutreffend gewählt. Die numerischen Verfahren ergaben vertiefte Erkenntnisse zur Mechanik und zum Verhalten der Konstruktion. Die analytischen Vergleichsberechnungen validierten primär die Güte dieser vereinfachten Ansätze für praktische Berechnungen. Zusammenfassend wurde festgestellt, dass erwartungsgemäß die Spreizkräfte im Geogitter nahezu linear mit der Dammhöhe anwachsen. Von besonderer Bedeutung für die Größe der Spreizkräfte ist die Steifigkeit der Weichschichten. Dieser Parameter wird bei den bisher bekannten analytischen Berechnungsverfahren nicht berücksichtigt. Je weicher der Untergrund, je größer wird das Verhältnis zwischen Spreiz- und Membranbeanspruchung. Eine steilere Dammböschung hat erwartungsgemäß ebenfalls eine höhere Spreizwirkung zur Folge. Des Weiteren ergeben sich bei mehrlagigen Geogittern die höheren Beanspruchungen in der unteren Lage aus dem Membraneffekt und in der oberen Lage aus dem Spreizeffekt. Zu diesen Erkenntnissen wurden in der Arbeit erste Vorschläge für die praktischen Bemessungen gemacht, die aber noch weiter zu optimieren sind. Schließlich erfolgt von Herrn Fahmi eine Betrachtung der Pfahlelementbeanspruchung aus Pfahlkopfverschiebung und Biegemomenten. Dabei wurde ersichtlich, dass die Pfahlelemente bei hohen Dämmen erhebliche Beanspruchungen erhalten können, wenn relativ weicher Untergrund vorhanden ist, und es zeigt die Notwendigkeit entsprechend abgesicherter Bemessungsverfahren auf.

Apatite-Polymer Composites for the Controlled Dual Delivery of BMP-2 and BMP-6 for Bone Tissue Engineering

The release of growth factors from tissue engineering scaffolds provides signals that influence the migration, differentiation, and proliferation of cells. The incorporation of a drug delivery platform that is capable of tunable release will give tissue engineers greater versatility in the direction of tissue regeneration. We have prepared a novel composite of two biomaterials with proven track records - apatite and poly(lactic-co-glycolic acid) (PLGA) – as a drug delivery platform with promising controlled release properties. These composites have been tested in the delivery of a model protein, bovine serum albumin (BSA), as well as therapeutic proteins, recombinant human bone morphogenetic protein-2 (rhBMP-2) and rhBMP-6. The controlled release strategy is based on the use of a polymer with acidic degradation products to control the dissolution of the basic apatitic component, resulting in protein release. Therefore, any parameter that affects either polymer degradation or apatite dissolution can be used to control protein release. We have modified the protein release profile systematically by varying the polymer molecular weight, polymer hydrophobicity, apatite loading, apatite particle size, and other material and processing parameters. Biologically active rhBMP-2 was released from these composite microparticles over 100 days, in contrast to conventional collagen sponge carriers, which were depleted in approximately 2 weeks. The released rhBMP-2 was able to induce elevated alkaline phosphatase and osteocalcin expression in pluripotent murine embryonic fibroblasts. To augment tissue engineering scaffolds with tunable and sustained protein release capabilities, these composite microparticles can be dispersed in the scaffolds in different combinations to obtain a superposition of the release profiles. We have loaded rhBMP-2 into composite microparticles with a fast release profile, and rhBMP-6 into slow-releasing composite microparticles. An equi-mixture of these two sets of composite particles was then injected into a collagen sponge, allowing for dual release of the proteins from the collagenous scaffold. The ability of these BMP-loaded scaffolds to induce osteoblastic differentiation in vitro and ectopic bone formation in a rat model is being investigated. We anticipate that these apatite-polymer composite microparticles can be extended to the delivery of other signalling molecules, and can be incorporated into other types of tissue engineering scaffolds.

Aplicacions i mecanisme de la reacció d'hidroesterificació d'olefines. Compatibilització fibramatriu en poliolefines reforçades amb fibra de pi

En la primera part del present treball es presenta la investigació duta a terme sobre la reacció d'hidroesterificació d'olefines. S'analitzen els factors que afecten la reactivitat i quimioselectivitat de les reaccions d'hidroesterificació i deuterioesterificació en sistemes catalítics basats en complexes de pal·ladi amb lligands auxiliars de tipus fosfina. Es presenta un estudi detallat del mecanisme catalític a través del qual tenen lloc aquestes reaccions. La determinació del mecanisme de reacció ha estat aplicada a la obtenció d'una versió enantioselectiva de la mateixa. En una segona part del treball s'han analitzat diversos sistemes de modificació superficial de fibres naturals i el seu efecte sobre la compatibilitat fibra - matriu en materials compòsits de matriu poliolefínica. S'han caracteritzat les propietats superficials de fibres de pi químicament modificades. Les fibres naturals modificades s'han utilitzat en la preparació de materials compòsits, les propietats mecàniques, tèrmiques i termomecàniques dels quals han estat caracteritzades i analitzades.

Assessment of virtual design and manufacturing techniques for fibre reinforced composite materials

Virtual tools are commonly used nowadays to optimize product design and manufacturing process of fibre reinforced composite materials. The present work focuses on two areas of interest to forecast the part performance and the production process particularities. The first part proposes a multi-physical optimization tool to support the concept stage of a composite part. The strategy is based on the strategic handling of information and, through a single control parameter, is able to evaluate the effects of design variations throughout all these steps in parallel. The second part targets the resin infusion process and the impact of thermal effects. The numerical and experimental approach allowed the identificationof improvement opportunities regarding the implementation of algorithms in commercially available simulation software.

Serviceability behaviour of fibre reinforced polymer reinforced concrete beams

El uso de materiales compuestos de matriz polimérica (FRP) emerge como alternativa al hormigón convencionalmente armado con acero debido a la mayor resistencia a la corrosión de dichos materiales. El presente estudio investiga el comportamiento en servicio de vigas de hormigón armadas con barras de FRP mediante un análisis teórico y experimental. Se presentan los resultados experimentales de veintiséis vigas de hormigón armadas con barras de material compuesto de fibra de vidrio (GFRP) y una armada con acero, todas ellas ensayadas a flexión de cuatro puntos. Los resultados experimentales son analizados y comparados con algunos de los modelos de predicción más significativos de flechas y fisuración, observándose, en general, una predicción adecuada del comportamiento experimental hasta cargas de servicio. El análisis de sección fisurada (CSA) estima la carga última con precisión, aunque se registra un incremento de la flecha experimental para cargas superiores a las de servicio. Esta diferencia se atribuye a la influencia de las deformaciones por esfuerzo cortante y se calcula experimentalmente. Se presentan los aspectos principales que influyen en los estados límites de servicio: tensiones de los materiales, ancho máximo de fisura y flecha máxima permitida. Se presenta una metodología para el diseño de dichos elementos bajo las condiciones de servicio. El procedimiento presentado permite optimizar las dimensiones de la sección respecto a metodologías más generales.

Simulation of delamination in composites under quasi-static and fatigue loading using cohesive zone models

Es desenvolupa una eina de disseny per l'anàlisi de la tolerància al dany en composites. L'eina pot predir el inici i la propagació de fisures interlaminars. També pot ser utilitzada per avaluar i planificar la necessitat de reparar o reemplaçar components durant la seva vida útil. El model desenvolupat pot ser utilitzat tan per simular càrregues estàtiques com de fatiga. El model proposat és un model de dany termodinàmicament consistent que permet simular la delaminació en composites sota càrregues variables. El model es formula dins el context de la Mecànica del Dany, fent ús dels models de zona cohesiva. Es presenta un metodologia per determinar els paràmetres del model constitutiu que permet utilitzar malles d'elements finits més bastes de les que es poden usar típicament. Finalment, el model és també capaç de simular la delaminació produïda per càrregues de fatiga.