MARKET COMMENTARY
Bearishness prevails in the natural rubber market. As this week’s trading session culminates, natural rubber prices in the major overseas market are trading in red. TOCOM rubber futures moved away from the two month high hit earlier this week and are probably poised to register weekly loss. Amidst lingering worries over demand from China, decline in crude oil prices pressurized prices. In the meantime, in the Indian market, natural rubber made a fresh six year lows. RSS4 in the spot market was quoted around Rs.103.50 a kg while on NMCE, the most active January rubber futures shed over 1.5 percent in volume-less trades.
MARKET NEWS
Thailand on Tuesday approved $139 million in additional loans to help rubber farmers in the Southeast Asian country hit by weak global prices of the commodity.
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 9742tonnes 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.
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Geofin Comtrade
