MARKET COMMENTARY
On Wednesday, natural rubber in the major overseas markets is seen rising. TOCOM rubber futures bounced back from the two week lows hit in the previous session, supported by a weaker Japanese yen against the US dollar and on short covering. However, prevailed in the market declined in crude oil prices and central bank meeting of the US today and Japan later this week may influence the sentiments as well,. The most active January rubber futures gained nearly two per cent. In the local market, the commodity traded rather range bound on Tuesday. While, weakness in major overseas market weighed on, thin arrivals continued providing firm support.
MARKET NEWS
Crude rubber inventories at Japanese ports stood at 9,617 tonnes as of July. 10, down 7.5 percent from the last inventory date, data from the Rubber Trade Association of Japan showed.
India’s Natural rubber production in 2016-17 (Apr-Mar) is seen rising 16% on year to 654,000 tn according to the Rubber Board.
Exporter members of rubber association GAPKINDO will not sell natural rubber by using long-term contracts anymore, as the method tends to be used by global traders to control the price of the commodity, said Edy Irwansyah, secretary of the North Sumatra branch of the organization.
The International Tripartite Rubber Council plans to hold a meeting on Aug 9 in Jakarta, Indonesia, to discuss the future of the rubber-export arrangement, which was made to help boost the commodity’s price according to Edy Irwansyah, secretary of North Sumatra’s branch of the Indonesian rubber association GAPKINDO.
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.
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