MARKET COMMENTARY
Natural rubber stayed on the greener turf in the local markets on Thursday. NMCE rubber futures stretched gains while in the physical market, RSS4 grade rubber inched higher. Despite subdued demand from the major consuming sector, limited arrivals coupled with firm moves in the overseas market may have probably lifted the sentiments in the Indian market. In the overseas market on Friday, TOCOM rubber futures pared initial losses while SHFE rubber futures traded in thin ranges. Dip in crude oil prices weighed on.
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
