MARKET COMMENTARY
Natural rubber in the Indian market traded on a positive note on Wednesday. RSS4 in the physical market ruled firm near Rs.94 a kg while on NMCE, the front month March rubber futures rose over one percent. Despite lackluster demand, thinning arrivals and positive cues from the overseas market may have probably lent support. On Thursday, natural rubber in the major overseas market is trading on the greener turf. TOCOM rubber futures gained about a percent tracking movements in crude oil and on weakening yen.
MARKET NEWS
Crude rubber inventories at Japanese ports stood at 12,870 tonnes as of Jan. 31, up 11.8 percent from the last inventory date, data from the Rubber Trade Association of Japan showed.
Kerala government allocates five billion rupees for rubber farmers in the 2016-17 Budget.
Asia’s top rubber producers will implement an export quota scheme from March onwards that targets 615,000 tonnes of cuts within the first six months, a statement from the International Tripartite Rubber Council (ITRC) said.
Tripura’s natural rubber output is expected to increase to about 55,000 tn in the current financial year ending March, up from 40,000 tn produced in 2014-15 (Apr-Mar) according to the Rubber Board.
Thai cabinet has given a green light for an Agriculture Ministry scheme for another 4.5 billion baht in aid for rubber planters by subsidising the interest on manufacturers’ loans.
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.
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Geofin Comtrade
