MARKET COMMENTARY
Short covering is being witnessed in natural rubber in the major overseas market. On Tuesday, TOCOM as well as SHFE rubber futures rose probably tracking gains in other industrial commodities and crude oil. However, overall trend still stayed weak. Moreover, economic data from China released earlier today signaled a contraction in manufacturing activity. In the Indian market, weakness prevailed in natural rubber market. Lacklusture demand and broad bearishness in the major overseas natural rubber market weighed on despite fall in production.
MARKET NEWS
Rubber inventories in the warehoused monitored by SHFE declined 17 per cent to 191473 tonnes according to weekly data from the exchange.
Related Post
China’s natural rubber imports in October rose 18.8 percent from a year earlier to 212,190 tonnes, while synthetic rubber imports gained 63.3 percent to 193,999 tonnes, official customs figures showed.
According to the Association of Natural Rubber Producing Countries, natural rubber output among its member countries could fall for the second consecutive year in 2015 as farmers curtail tapping in this peak production period owing to low prices.
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 Rusdan Dalimunthe, 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
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