MARKET COMMENTARY
TOCOM rubber futures are seen ticking up on Friday after falling to one and a half month low last day, while SHFE rubber stretched losses. The benchmark February rubber futures was tad up probably on bargain buying. However, underlying sentiments stayed weak on retreat in crude oil prices and outcome of the ITRC meeting.
In the Indian market glide continued in natural rubber. On Thursday, RSS4 grade rubber was quoted at its lowest level since mid-June on lackluster demand and improvement in production.
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The International Tripartite Rubber Council (ITRC), a grouping of Indonesia, Thailand and Malaysia, will trim exports by an additional 85,000 tonnes from September to December this year, an Indonesian rubber industry official said on Thursday.
Hon’ble Minister for Commerce & Industry Smt. Nirmala Sitharaman convened a meeting of the Members of Parliament from the rubber growing states and the stakeholder representatives in Delhi on 22 August 2016.
The Minister directed Rubber Board to estimate state-wise cost of production of rubber at the earliest. On the issue of pending planting subsidy, it was confirmed in the meeting that additional funds for Rubber Board will be sought from Ministry of Finance through second supplementary Demand for Grant.
India’s natural rubber production rose 6.4 percent in June from a year ago to 50,000 tonnes as lower rainfall in the top producing southern state of Kerala allowed farmers to raise tapping, the Rubber Board said in a statement.The country’s imports in the month fell 4 percent to 37,336 tonnes, while consumption jumped 7.4 percent to 87,000 tonnes.
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