Rubber futures prices on futures exchanges increased by a margin of less than 0.5%.
At the Tokyo Commodity Exchange (TOCOM), the price of rubber for October delivery in October 2022 reached 225.2 yen/kg, up 0.4% (equivalent to 0.9 yen/kg) at the time of the survey. at 7:25 am (Vietnam time).
On the Shanghai Commodity Futures Exchange (SHFE), the price of RSS3 rubber for October delivery was adjusted to 12,055 yuan/ton, up 0.21% (equivalent to 25 yuan), compared to the previous transaction.
Mr. Masiung Banah, Member of the Legislative Assembly of Sabah State (Malaysia), called on the state and federal governments to take action to improve the price of scrap rubber, when the value of the item fell to the lowest level in the world. history of the past 20 years.
Currently, the price of scrap rubber has remained at the floor level of 2.5 ringgit/kg since 2016 and this figure is equivalent to one kg of salt. The Department of Crop Industry and Commodities has not considered price changes for the past 7 years.
This is considered discriminatory for rubber smallholders when the prices of chemicals used in the cultivation process such as herbicides, fertilizers and formic acid have increased by nearly 100%.
Even worse, in addition to shrinking income, rubber growers have to bear the brunt of the rising cost of living.
Therefore, he called on governments when preparing the 2023 budget to raise the price of scrap rubber to 3.50 ringgit/kg, and at the same time expand the Rainy Season Support (BMT) policy for household heads and people rubber exploitation.
According to him, the government needs to pay attention to the decline in the price of rubber because it is the sixth largest contributor to the country's exports. Otherwise, rubber growers will certainly feel abandoned and psychologically may affect politics ahead of the 15th general election.
The Chairman of Sabah Housing and Urban Development Board (LPPB) said that, due to the fall in scrap rubber prices, many small rubber owners have now turned to other agricultural products.
If this problem continues, Malaysia's rubber exports will decrease significantly and this will have a significant impact on the country as the main natural rubber producer in the world.
In order to prevent many rubber smallholders from moving to other areas, the government needs to implement a new formula to raise the floor price of the commodity from the current level.
Mr. Masiung also wants relevant agencies such as the Rubber Industry Smallholder Development Authority (RISDA) and the Sabah Rubber Industry Board (LIGS) to be responsible for the drop in commodity prices, The Borneo Post reported.
https://thuongtruong.com.vn/news/gia-cao-su-hom-nay-299-cao-su-tang-duoi-05-90433.html
