MARKET COMMENTARY
Natural rubber in the major overseas market is seen trading rather steady on Tuesday. Following the previous day’s spike, TOCOM rubber futures is hovering near one week high, buoyed by weak yen and firmer crude oil prices.
In the Indian markets on Monday, sentiments were muddled. RSS4 grade rubber in the spot market stayed firm near Rs.131 a kg, while in the futures segment it traded steady to negative. Even as the spike in the major overseas market may have lent support, lacklusture demand and improved supplies weighed on.
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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.
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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