MARKET COMMENTARY
Sentiment seems to be sanguine in the overseas natural rubber market. On Tuesday, TOCOM rubber futures are seen stretching the bounce from the 10-day low hit last week. March rubber futures on the bourse rose nearly two percent tracking gains on SHFE rubber futures and firmer crude oil prices. In the Indian markets on Monday, natural rubber was rather steady in subdued trades. A bounce back in the major overseas natural rubber market improved the sentiments, though subdued demand from the tyre sector maintained downwards pressure, keeping the commodity in thin ranges.
MARKET NEWS
Natural rubber imports by China in September declined 36.52 per cent to 188716 tonnes.
India has been unanimously elected as Chairman of the Association of Natural Rubber Producing Countries (ANRPC). Representing Govt. of India, Mr. A. Ajith Kumar IAS, Chairman, Rubber Board took charge from Royal Govt. of Cambodia in the 39th Assembly Session of ANRPC held at Guwahati. The tenure of Chairmanship will be for one year. The Vice-Chairmanship is for Vietnam.
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.
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Geofin Comtrade
