MARKET COMMENTARY
Natural rubber is seen retreating in the major overseas market after the recent bounce on Thursday. TOCOM rubber futures were off the six week high hit last day tracking overnight slump in crude oil. SHFE rubber futures fell as well.
In the Indian market, natural rubber stayed on the bearish turf. RSS4 in the physical market stayed near its lowest level since September 2009. Poor demand and broad weakness in natural rubber prices in the major overseas market continued to push down prices in the local market despite fall in production.
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Crude rubber inventories at Japanese ports stood at 9742 tonnes as of Nov.20, down 8.1 percent from the last inventory date (Nov.10), data from the Rubber Trade Association of Japan showed.
China agrees to buy 200000 tonnes of natural rubber from Thailand according to government officials.
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.
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