MARKET COMMENTARY
On Tuesday, natural rubber in the major overseas market is seen trading on the negative turf. TOCOM rubber futures had declined one per cent earlier today before trimming losses, weighed down by weak crude oil prices. Strong Japanese yen against the US dollar weighed on the sentiments as well. SHFE rubber futures followed the suit too.
In the Indian markets on Monday, natural rubber traded rather steady. In the physical market, quotes for RSS4 lingered near Rs.144 a kg, while on NMCE, it ended nearly one per cent up. Limited arrivals continued buoying prices.
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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Geofin Comtrade
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