MARKET COMMENTARY
TOCOM rubber futures continues to trade rather range bound while SHFE rubber futures are seen stretching gains on Tuesday. The benchmark September rubber swung between positive and negative turfs. Fall in crude oil prices and higher yen weighed on. SHFE reopened today after an extended weekend holiday on account of Tomb Sweeping Day and benchmark September rubber futures gained more than one per cent.
In the local market last week, quotes for RSS4 in the physical market inched higher to its strongest level since August last year on Monday. However, on NMCE the moves were rather indecisive following the recent up-run.
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⊳Indonesia government will buy 500,000 tn of natural rubber produced across the country to help support prices.
⊳China’s imports of natural rubber fell 21.35 percent in February to 139,376 tonnes.
⊳Vietnam is soon likely to join the International Rubber Consortium Ltd (IRCo), a rubber cartel that ensures fair and remunerative income for small holders of its member nations, an industry body official said.
⊳Despite the government’s measures to stabilise the rubber market, it may take a couple of years to correct the oversupply and the resultant lower prices and ensure markets offer farmers sustainable prices, said Sheela Thomas, secretary general of the Association of Natural Rubber Producing Countries.
⊳Indian’s natural rubber production and imports falls sharply in February by 10 and 12 percent respectively according to the Rubber Board. The country imported 27280 tonnes and production stood at 37000 tonnes. Consumption declined as well by 1.0 per cent to 82500 tonnes.
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