MARKET COMMENTARY
Natural rubber the overseas market stays under pressure as trading commences in this last week of 2015. TOCOM rubber futures were down nearly one per cent, heading to post losses for the third year in a row. Lingering worries over demand from the top consumer China weighed on. SHFE rubber futures declined as well. The benchmark May rubber futures is trading more than 1.5 per cent down on Monday.
MARKET NEWS
Rubber inventories in the warehouses monitored by SHFE rose 2.4 per cent to 240189 tonnes last Friday from a week earlier.
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.
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.
[embeddoc url=”https://drive.google.com/file/d/0BzrsaGiMYhEkdG9rMUxSZUJldU0/preview” viewer=”drive”]Geofin Comtrade
