MARKET COMMENTARY
Sentiments seems to be muddled in the major overseas natural rubber market. TOCOM rubber futures ticked up on Tuesday, though prices have been varying in thin ranges for the past few days. China’s latest monetary policy move may probably have lent support. SHFE rubber futures, however, continued downtrend. In the meantime, the International Rubber Tripartite Council’s scheme to control exports will come to force from today onwards.
In the Indian market, RSS4 grade rubber stayed firm in the physical market sustained by limited arrivals, while NMCE rubber futures traded lower.
MARKET NEWS
Crude rubber inventories at Japanese ports stood at 14,553 tonnes as of Feb. 20, up 4.8 percent from the last inventory date, data from the Rubber Trade Association of Japan showed.
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.
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
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