MARKET COMMENTARY
TOCOM rubber futures are seen trading in thin ranges in the vicinity of the six year low hit earlier this month. On Thursday, the benchmark April rubber futures were held in tight ranges with a negative bias while SHFE rubber futures lost nearly two per cent on persisting worries over China demand and slump in other industrial commodities.
In the Indian market, natural rubber stayed on the bear turf, hitting a fresh six year low. RSS4 in the physical market slipped to Rs.108.50 a kg in lackluster trades last day. Low demand and bearishness in the overseas market weighed heavily on prices despite fall in production.
MARKET NEWS
India government imposed anti-dumping duty on import of certain grades of carbon black from China and Russia for a period of five years.
Indonesia, Malaysia, Thailand and Vietnam have agreed to harmonise their rubber standards with effect from Jan 1 according to RusdanDalimunthe, executive director at the Indonesia Rubber Association or GAPKINDO.
Crude rubber inventories at Japanese ports stood at 11,070 tonnes as of Oct. 31, down 3.6 percent from the last inventory date, data from the Rubber Trade Association of Japan showed
India’s natural rubber output in October declined 10.9 per cent on YoY basis to 49000 tonnes according to the Rubber Board. Imports declined as well by 11.6 per cent to 37691 tonnes while consumption increased 4.9 per cent during the same period.
Rubber inventories in the warehoused monitored by SHFE rose 0.8 per cent to 228612 tonnes according to weekly data from the exchange.
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Geofin Comtrade
