MARKET COMMENTARY
Natural rubber is seen retreating in the major overseas market on Tuesday. TOCOM rubber futures edged down from the three week highs, reversing initial gain, probably on profit booking. Prices has earlier rose buoyed by rising crude oil prices. Weak yen may have aided the sentiments as well.
In the Indian market, trades were subdued in the physical market on Monday. Quotes for RSS4 in the spot market hit its weakest level since late-May, while NMCE exchange stayed closed on account of Ganesh Chathurthi.
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India’s natural rubber production rose 11 percent in July from a year ago to 52,000 tonnes the Rubber Board said in a statement.The country’s imports in the month fell to 41157 tonnes from 41917 tonnes, while consumption jumped 4.3 percent to 83400 tonnes on year on year basis.
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.
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