MARKET COMMENTARY
Natural rubber is seen stretching gains as the week begins. On TOCOM rubber future rose following an initial fall to hit its highest level since early May this year. Japanese yen weakening against the US dollar probably aided the sentiments amidst worries over output from Thailand.
In the local market, the commodity traded rather firm in the week gone by. Rising natural rubber in the major overseas market buoyed the sentiments. However, consecutive holidays and the ongoing peak production phase in Kerala weighed on.
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⊳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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