Natural rubber is seen trading on a negative turf on Wednesday. On TOCOM exchange, the benchmark February rubber futures stretched previous day’s losses tracking weakness in crude oil. However, Japanese yen weakening against the US dollar lend lower level support. Meanwhile, SHFE rubber futures declined one per cent.
In the Indian markets on Tuesday, RSS4 grade rubber traded flat near Rs.130 a kg, while NMCE rubber futures stayed under selling pressure. Weak cues from the major overseas natural rubber market along with improvement in supplies maintained downwards pressure on prices.
MARKET NEWS
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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Geofin Comtrade
