MARKET COMMENTARY
Natural rubber is seen rising in major overseas market on Thursday. Rise in crude oil prices along with a weak yen lifted TOCOM rubber futures. The most active March rubber futures on the bourse gained about two percent. SHFE rubber futures rose as well. However, upcoming week-long holidays in China influenced the sentiments.
On Wednesday, natural rubber in the Indian market stayed under pressure. NMCE rubber futures declined for the third consecutive day and in the spot market, RSS4 grade rubber was quoted around Rs.118 a kg. Weak cues from the major overseas natural rubber market along with lacklusture demand weighed on.
MARKET NEWS
Vietnam exported an estimated 858,000 tonnes of rubber in the first nine months of 2016, up 15.3 percent from the same period last year, the government said.
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 tonnes the Rubber 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
