MARKET COMMENTARY
Natural rubber in the major overseas market is in red as this week’s trading session commences. On Monday, TOCOM rubber futures inched down though it is being held in tight ranges. Concerns over demand from China continued to hamper sentiments though firmer yen and crude oil prices lend lower level support.
In the Indian market last week, natural rubber prices were seen consolidation on NMCE following the recent bounce, while in the physical market it ranges between Rs.94-96.5 a kg.
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China imported 4.72 million tons of natural and syndicated rubber in 2015, a year-over-year increase of 15.3 per cent. The country imported natural and syndicated rubber worth 48.6 billion yuan (approx US$7.44 billion) during the same period, down 11.3 per cent from a year earlier. The country imported 590,000 tons of natural and syndicated rubber in December of 2015, up 18 per cent month on month. The country imported natural and syndicated rubber worth 5.25 billion yuan (approx US$803 million) during the same period, up 12.8 per cent compared to the previous month.
Japan’s crude rubber stocks totaled 13,887 metric tons as of February 10, up 7.9% from 12,870 tons as of January 31, data from the Rubber Trade Association of Japan showed.
Indian Rubber Institute would conduct an international rubber conference, Rubbercon, in Chennai from March 1 to 3.
Thailand’s military-led government on Tuesday approved about 87 billion baht ($2.43 billion) in loans to help farmers who have been hit hard by falling commodity prices and widespread drought.
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.
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Geofin Comtrade
