MARKET COMMENTARY
TOCOM rubber futures are seen stretching gains on Wednesday. The most active May rubber futures on the exchange jumped over two per cent to hit a six week high. Gains in SHFE rubber futures as well as lower level buying and short covering may have probably lifted the prices. In the Indian market, weakness prevailed in natural rubber market with RSS4 hitting its lowest level since September 2009. 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.
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 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
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Geofin Comtrade
