MARKET COMMENTARY
Sentiments stay upbeat in the major overseas natural rubber market. On Thursday, TOCOM rubber futures hit its highest level in four and a half month following a weaker yen and firmer crude oil prices. Also, reports that global natural rubber market may move into deficit this years supported the sentiments as well.
In the Indian market on Wednesday, lacklusture demand maintained downwards pressure on prices. However, positive cues from the overseas natural rubber market lend firm support. In the spot market, RSS4 grade rubber traded rather steady, while in the futures segment its tumbled.
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
