MARKET COMMENTARY
Extending previous week’s losses, TOCOM rubber futures is seen declining on Monday. The benchmark January rubber futures lost more than 2.5 per cent, falling below 200 yen a kg mark on weak crude oil and lingering worries over economic growth in China. In the meantime, SHFE rubber futures are seen inching up.
The commodity in the Indian markets has been bound south last week. In the physical market, quotes for RSS4 declined to its weakest level since late-April this year. Despite limited arrivals to the market, downtrend in the international natural rubber market along with subdued local demand weighed on.
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Weekly data from SHFE showed rubber inventories in the warehouses monitored by it rising three per cent to 182714 tonnes
Crude rubber inventories at the Japanese ports stood at 12663 tonnes as of July 10, down 2.9 per cnet from the last inventory date according to the Rubber Trade Association of Japan.
Vietnam is considering joining International Rubber Consortium Ltd.
Indonesia Trade Ministry introduced stricter regulation on tire imports in its bid to boost the domestic tire industry.
According to the Association of Natural Rubber Producing Countries natural rubber production fell by 0.7% (-35,000 MT) to 5.041 million MT in the first half of 2015 as compared to 5.076 million MT in the same period of 2014.
Thailand is set to lobby Vietnam to join the International Rubber Consortium Ltd (IRCo), a move that would help to stabilise rubber prices.
Vietnam’s rubber exports in the first half of this year rose 22 per cent on year on year basis to about 421300 tonnes according to the nation’s Customs department.
A contract for procurement of 80000 tonnes of Thai rubber us planned to be finalized by September 2015 according to Russian Minister of Industry.
According to preliminary trade data released by the China’s General Administration of Customs rubber imports by the country rose 17.9 per cent to 330000 tonnes in June.
Malaysia’s natural rubber (NR) production in May 2015 dropped 11.3% to 38,923 tonnes compared with the same period last year, according to the country’s Statistics Department.
According to the Rubber Trade Association of Japan natural rubber imports by the nation rose 17.2 per cent on YoY basis to 62256 metric tonnes.
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