MARKET COMMENTARY
A retreat is being witnessed in natural rubber prices in the major overseas market on Tuesday. TOCOM as well as SHFE rubber futures shed more than one per cent on profit booking after the recent surge. The most active March rubber futures on TOCOM exchange climbed down from the five month high hit last day. Even as firmer crude oil prices lent support, strong yen weighed on.
In the local market, the trend was rather mixed on Monday. NMCE rubber futures ended down, while the commodity in the spot market stayed firm around Rs.119 a kg in subdued trades.
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According to the Association of Natural Rubber Producing Countries, natural rubber supply will fall short of demand from 2020 onwards.
Crude rubber inventories at Japanese ports stood at 8,034 tonnes as of Sept. 30, up 2.9 percent from the last inventory date, data from the Rubber Trade Association of Japan showed.
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
