MARKET COMMENTARY
Natural rubber is seen declining in the major overseas natural rubber market on Wednesday. Decline in crude oil prices along with a stronger yen dragged down TOCOM rubber futures. The most active April rubber futures on the bourse fell over three per cent. SHFE rubber futures tumbled as well, shedding nearly three per cent.
In the local market, RSS4 grade rubber traded rather steady on Tuesday. In the spot market the grade, little changed, stayed near Rs.116 a kg, while on NMCE it ended on the positive turf.
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Crude rubber inventories at Japanese ports stood at 7,318 tonnes as of Oct. 20, down 3.7 percent from the last inventory date, data from the Rubber Trade Association of Japan showed.
According to the Rubber Board, India’s natural rubber production rose 20 per cent in September to 60000 tonnes on year on year basis.
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.
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