MARKET COMMENTARY
Natural rubber in the major overseas market is seen trading with a weak bias on Tuesday. SHFE rubber futures slumped two per cent, while March rubber futures on TOCOM ticked down. Decline in crude oil and industrial commodities may have probably weighed on overall market sentiments.
In the Indian market, a mixed trend was seen in natural rubber on Monday. In the spot market, RSS4 grade rubber traded firm supported by limited supplies. However, on NMCE, rubber futures slumped over two per cent. Decline in natural rubber prices in the major overseas market along with lackluster demand probably capped advances.
MARKET NEWS
TOCOM September rubber futures expired on Monday with 279 lots being delivered compared to 204 lots (1 lot=5 tonnes) delivered in August.
India’s natural rubber production rose 11 percent in July from a year ago to 52,000 tonnestheRubber Board said in a statement.The country’s imports in the month fell to 41157tonnes from 41917 tonnes, while consumption jumped 4.3 percent to 83400tonneson 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.
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Geofin Comtrade
