MARKET COMMENTARY
On Thursday, natural rubber in the major overseas market is seen retreating. TOCOM as well as SHFE rubber futures declined after posting gains for the last three days probably on profit taking. Decline in crude oil prices as well as lacklusture trade data from China may have influenced the sentiments as well.
In the local market on Wednesday, RSS4 grade rubber carried on to move in tight ranges. On NMCE, the grade traded rather flat, probably awaiting fresh triggers. In the physical market, quotes for RSS4 lingered around Rs.141 a kg.
MARKET NEWS
Rubber imports by China (both natural and synthetic) declined 12.8 percent on MoM basis to 410000 in June according to the data released by China’s General Administration of Customs.
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.
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
