MARKET COMMENTARY
Optimism over demand from the top consumer China, firmer crude oil prices along with concerns over output have turned the overall market sentiments in the local as well as overseas natural rubber market. TOCOM rubber futures, advancing four percent, jumped to a fresh eight month high on Thursday. Similar moves are being witnessed on SHFE rubber futures as well.
In the local market, on Wednesday, RSS4 grade rubber was quoted at its highest level in more than one year. Gains in the major overseas market coupled with limited supplies bolstered prices.
MARKET NEWS
A Ajithkumar, secretary to the Kerala Governor, has been named as the new chair of the Rubber Board.
China’s imports of rubber (natural and synthetic rubber) jumped 74.2 per cent to 540000 tonnes in March compared to a month earlier.
India Meteorological Department, in its first forecast for 2016 South-West Monsoons, have predicted a ‘above normal’ monsoon rains for this year.
Japan’s weather bureau said that there was a high possibility that a La Nina weather pattern would emerge in summer after El Nino ends.
India’s natural rubber imports from Thailand during calendar year 2015 rose over 10% on year to 121,700 tn, according to data from the Thailand Natural Rubber Association.
Indonesia government will buy 500,000 tn of natural rubber produced across the country to help support prices.
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.
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Geofin Comtrade
