MARKET COMMENTARY
Strengthening yen along with decline in crude oil prices dragged down TOCOM rubber futures from the one month high on Tuesday. Following an initial rise to hit a fresh one month high, the most active December rubber futures edged lower falling about 1.5 percent. SHFE rubber futures inched down as well.
In the local market, RSS4 grade rubber traded steady in the spot market on Monday, while NMCE rubber futures rose. Limited arrivals to the market along with sharp gains on TOCOM rubber futures lend firm support to prices.
MARKET NEWS
Vietnam will export an estimated 427,000 tonnes of rubber in the first half of this year, up 3.1 percent from the same period last year according to country’s General Statistics Office.
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.
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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