MARKET COMMENTARY
As the week’s session culminates, natural rubber is seen inching up in the major overseas market. TOCOM rubber futures gains nearly two percent, probably on short covering. However, it stayed in the vicinity of the four month lows. SHFE rubber futures rose as well, stretching previous session gains.
In the local market, RSS4 grade rubber traded rather firm on Thursday. In the physical market, RSS4 grade rubber was quoted around Rs.130 a kg, while the most active July rubber futures on NMCE rose more than 1.5 per cent.
MARKET NEWS
According to the Rubber Board, natural rubber production in India declined 2.5 per cent on year-on-year basis in April to 39000 tonnes.
Malaysian government announces RM500 cash aid for rubber smallholders and rubber tappers.
The Rubber Board has started a Call Centre at its Head Office to work as a centralized contact centre for receiving to telephone calls from the public seeking information about the services of the Board and also technical advice regarding cultivation, production, processing etc. of rubber.
Rubber imports by China declined six per cent in May to 470000 tonnes compared to a month earlier.
Global natural rubber output could rise just 0.3 percent in 2016 from a year ago as drop in yields are seen offsetting expansion in the tapping area, the Association of Natural Rubber Producing Countries (ANRPC) said in a statement. Production from the ANRPC members, which together account for about 92 percent of global output, could rise to 11.07 million tonnes in 2016 from 11.04 million tonnes a year ago, Sheela Thomas, secretary-general of the ANRPC said.
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Geofin Comtrade
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