MARKET COMMENTARY
Sentiments seemed sanguine in the local natural rubber market. NMCE rubber futures stretched gains while in the physical market, RSS4 grade rubber inched higher on Monday. 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 Tuesday, TOCOM and SHFE rubber futures declined. TOCOM rubber futures retreated after hitting three week high probably tracking decline in crude oil prices.
MARKET NEWS
According to the Rubber Board, natural rubber imports in the country Jumped 21 per cent in January to 35174 tonnes compared to a year ago while production was 56000 tonnes, down 3.4 percent.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.2 percent to 275897 tonnes from last release on Feb 05.
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.
[embeddoc url=”https://drive.google.com/file/d/0BzrsaGiMYhEkSGY4d2pMazEyNkU/preview” viewer=”drive”]Geofin Comtrade
