MARKET COMMENTARY
Natural rubber is seen rising as the week begins. TOCOM rubber futures jumped tracking rising crude oil prices and weaker yen. The most active April rubber futures on TOCOM exchange gained over three per cent. Rising SHFE rubber futures aided the sentiments as well.
In the local market last week, the commodity traded flat to negative. Amidst the peak production season in the major natural rubber growing areas in Kerala, lacklusture demand, increase in stocks and weakness in the major overseas natural rubber market weighed on overall market sentiments.
MARKET NEWS
Based on figures covering the period up to October 2016, total supply of natural rubber from ANRPC member countries is expected to post a near-zero growth (0.4%) during 2016.
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.
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Geofin Comtrade
