MARKET COMMENTARY
As this week ends, natural rubber is seen inching up in the major overseas market. TOCOM rubber futures stretched gains following an initial dip, while SHFE rubber futures gained nearly one per cent. However, decline in crude oil prices and strengthening yen weighed on.
In the Indian market on Thursday, RSS4 in the spot market continued its downtrend. The commodity slipped to Rs.120 a kg, its weakest level since April. Subdued demand from the tyre sector along with rising production maintained downwards pressure on prices. However, NMCE rubber futures ended in green, probably on short covering.
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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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