MARKET COMMENTARY
TOCOM rubber futures are seen rising for the second consecutive day today. The benchmark June rubber futures rose to a one week high probably tracking gains on SHFE and short covering. However, the broad underlying trend stayed weak as worries over demand persisted.
In the Indian market, on Monday, RSS4 was seen inching up probably tracking gains in the major overseas market. Still, jaded demand weighed on, restricting advances.
MARKET NEWS
New plantings of rubber have been on a decline over the last three years and were down around 19% in 2014-15 (Apr-Mar), the Ministry of Commerce and Industry said. The total area under newly planted and replanted rubber trees was at 32,000 ha in 2014-15, down 11.1% from 36,000 ha a year ago.
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.
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