MARKET COMMENTARY
⊳Firm crude oil prices along with rising equities pull up natural rubber prices on TOCOM and SHFE exchange as this week’s session culminates.
⊳Bearishness prevailed in local natural rubber market as weak demand continued to suppress prices. On Thursday, quotes for RSS4 in the spot market hit a fresh six and a half year low while NMCE rubber futures plunged more than one per cent.
MARKET NEWS
⊳Import of natural rubber will not be allowed during the period January 21 2016 to 31st March 2016 under Advance Authorisation to be issued or revalidated on or after 21st January, 2016, the Directorate general of Foreign Trade (DGFT) said in a notification.
⊳Government of India has restricted imports of natural rubber only through ports of Chennai and NhavaSheva, the Directorate General of Foreign Trade said in a notice.
⊳Japan’s crude rubber stocks totaled 9,973 metric tons as of Jan. 10, down 2.5% from 10,229 tons as of Dec. 31, data from the Rubber Trade Association of Japan showed Thursday.
⊳Thai government spokesman Maj. Gen. SunsernKaewkumnerd said on Tuesday that the cabinet has approved allocation of 5.47 billion baht ($151 million) from the state budget to buy up to 100,000 metric tons of rubber directly from local farmers for 45 baht ($1.24) a kilogram.
⊳China economy grew 6.8 percent in the Q4 of 2015, its weakest since 2009, putting the full year growth by 6.9 per cent; it’s slowest in 25-years. Industrial production and retail sales climbed 5.9 and 11.1 per cent respectively in December.
⊳Thai government has ordered eight ministries to buy rubber to help struggling farmers.
[embeddoc url=”https://drive.google.com/file/d/0BzrsaGiMYhEkTnZVa2tQOTVBQ0k/preview” viewer=”drive”]
Geofin Comtrade
