MARKET COMMENTARY
As this week session culminates, TOCOM rubber futures are heading to register its biggest weekly rise in about three months. However, a profit booking is probably under way after the recent run-up to the six week highs. SHFE rubber futures are seen declining as well.
In the Indian market on Thursday, RSS4 made a fresh six year low. The grade was quoted around Rs.105 a kg in the physical market on subdued demand. Upticks seen in the major overseas natural rubber market failed to improve market mood.
MARKET NEWS
⊳Vietnam to join International Rubber Tripartite Council as a strategic partner.
⊳Following the meeting of International Rubber Tripartite Council, officials have pledged to establish a new regional rubber trading platform that could be up and running by June 2016. Also, it has asked upon to implement a scheme in 2016 that would limit rubber supplied to market.
⊳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.
⊳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.
[embeddoc url=”https://drive.google.com/file/d/0BzrsaGiMYhEkVG5Sc2JuTXFjOEU/preview” viewer=”drive”]
Geofin Comtrade
