MARKET COMMENTARY
TOCOM rubber futures jumped over three per cent on Thursday probably taking positive cues from equities, crude oil and other industrial metals. Expectations of additional stimulus following weak manufacturing PMI data from China may have supported the sentiments as well. In the meantime, SHFE is closed for a week long holiday from 01 October to 07 October on account of National Day.
Natural rubber in the local market ended rather flat on Wednesday in lacklusture trades. RSS4 in the physical market was quoted steady around Rs.112.50 a kg while NMCE rubber futures ended about 0.5 per cent up.
MARKET NEWS
Crude rubber inventories at Japanese ports stood at 12,555 tonnes as of Sept. 10, down 5.3 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Thursday.
Inventories in the warehouses monitored by SHFE rose 0.7 per cent from last Friday to 206259 tonnes.
Rubber Board has backed a proposal to permit 100 per cent FDI in the plantation sector.
Kerala government has modified some terms of subsidy scheme for rubber farmers. The government dropped Aadhaar as mandatory requirement for registration while extending the scheme to latex as well from next month. Farmers will receive the difference between Rs.142 and the price of latex as fixed by the Rubber Board.
The Association of Natural Rubber Producing Countries Assembly has discussed several options to strengthen rubber prices, including the creation of a common trading platform, according to Sheela Thomas, ANRPC’s Secretary-General.
China’s January-August rubber imports down 4.4 per cent to 1.66 million tonnes.
Vietnam exported 118,560 mt of natural rubber in August, edging up 5.75% year on year and rising 12.4% from July, data released Wednesday by Vietnam Customs showed.
Crude rubber inventories at Japanese ports stood at 13256 tonnes as of Aug 31, down 0.6 per cent from that on Aug 20, data from the Rubber Trade Association of Japan showed.
India’s natural rubber imports slumped 32 per cent on YoY basis to 33292 tonnes in August according to the Rubber Board. Consumption as well as production rose to 87500 and 55000 tonnes respectively during the same period.
Malaysia to raise Rubber Production Incentive to RM5.10 from RM4.60 per kg for SMR 20 FOB according to the country’s Minister of Plantation Industries and Commodity.
Salmiah Ahmed has been appointed as the new CEO of International Rubber Consortium, the operational arm of the International Tripartite Rubber Council.
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