MARKET COMMENTARY
On Thursday, TOCOM rubber futures rose from the three week lows. The benchmark May rubber futures rose over three per cent earlier today as yen weakened against the US dollar after the US Fed raised interest rates for the first time in about a decade. SHFE rubber futures gained as well.
In the Indian market on Wednesday, RSS4 hit a fresh low in more than six years. In the physical market, the grade was quoted around Rs.99.50 a kg.
MARKET NEWS
Japan’s crude rubber stocks totaled 9,088 metric tons as of November 30, down 6.7% from 9,742 tons as of November 20, data from the Rubber Trade Association of Japan showed.
India’s natural rubber production in November declined 16.7 percent to 50000tonnes according to the data from the Rubber Board. Imports declined as well by 13.7 per cent to 37445 tonnes.
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.
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Geofin Comtrade
