MARKET COMMENTARY
Sentiments seem to be rather sanguine in the overseas natural rubber market even as China market stays shut on account of weeklong National Day holiday. On Wednesday, TOCOM rubber futures jumped two per cent to hit one week high bolstered by rising crude oil prices and weaker yen.
In the local market on Tuesday, natural rubber in the physical market slipped further. RSS4 grade rubber in the spot market hit its lowest level in more than five months. However, on NMCE short covering was seen, probably on positive cues from the major overseas market.
MARKET NEWS
Crude rubber inventories at Japanese ports stood at 7,794 tonnes as of Sept. 10, down 1.5 percent from the last inventory date, data from the Rubber Trade Association of Japan showed.
Union Minister for Commerce and Industry Nirmala Sitaraman will inaugurate the 9th Annual Rubber Conference of the Association of Natural Rubber Producing Countries in Guwahati on October 17th.
India’s natural rubber production rose by 21 per cent to 58,000 tonnes in August, while imports shot up by 27% to 47,540 tonnes, according to Rubber Board data.
According to Rubber Board, natural rubber production in India is seen rising since May this year with July and August showing a rise of 10 and 20 per cent respectively compared to last year.
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.
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Geofin Comtrade
