MARKET COMMENTARY
Natural rubber stayed on the positive turf in the major overseas natural rubber market. On Thursday, while the trendsetting TOCOM exchange is closed for Autumnal Equinox Day, SHFE rubber futures jumped three per cent probably tracking gains in oil prices and other industrial commodities.
In the Indian market on Wednesday, natural rubber traded firm. The commodity stretched gains in the futures market and in the spot market, it held steady near Rs.120 a kg. Gains in the major overseas natural rubber market along with improved demand may have lent support.
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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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