MARKET COMMENTARY
Natural rubber in the major overseas market jumped on Tuesday. SHFE rubber futures shot up six per cent while TOCOM rubber futures rose more than two per cent to hit its highest level since early-May this year. Weaker Japanese yen and Chinese yuan aided the sentiments. In the meantime, SHFE said that it will raise transaction fees for intra-day rubber futures trades from November 9 onwards.
On Monday, natural rubber in the local market traded firm. Positive cues from the overseas market improved the sentiments in the futures segment. However, in the spot market traded were subdued.
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
