MARKET COMMENTARY
A mixed trend is being witnessed in the major overseas natural rubber market. TOCOM rubber futures inched down on Tuesday as the market reopens after Oceans Day holiday on Monday. Overnight declines in SHFE rubber futures along with weakness in crude oil weighed on. Meanwhile, SHFE rubber futures traded rater steady following the previous day’s fall.
In the Indian market, RSS4 grade rubber traded firm near Rs.142 a kg supported by limited supplies to the market. However, lackluster demand and lack of cued from the major overseas market resulted in subdued trades in local market.
MARKET NEWS
China’s tire production totaled 118.4 million units during the first four months of 2016, a rise of 5 per cent over the same period of 2015, according to data from the China Rubber Industry Association. In particular, production of radial tires and all-steel radial tires jumped 6.4 per cent and 3.1 per cent year on year to 108.4 million units and 26.2 million units, respectively. Output value of the tire industry was 51.7 billion yuan (approx. US$7.8 billion) during the reporting period, down 5.4 per cent year on year. Sales income of the industry also tumbled 5.3 per cent to 47.1 billion yuan (approx. US$7.1 billion).
China’s natural rubber imports stood at 193,226 tons in May, down 9 per cent month on month and up 38 per cent year on year, according to statistics from General Administration of Customs. For the first five months of the year, the importing volume amounted to 1,010,495 tons, up 3.8 per cent year on year.
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.
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Geofin Comtrade
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