MARKET COMMENTARY
Sentiments are muddled in the major overseas natural rubber market. on Wednesday, TOCOM rubber futures retreated after hitting six-and-a-half month high, while SHFE rubber futures continued previous day’s rally, rising 2.5 per cent. The Japanese yen jumping more than three per cent against the US dollar with market awaiting US presidential elections outcome may have weighed on.
In the local markets on Tuesday, natural rubber traded firm to positive. NMCE rubber futures stretch gains and RSS4 grade rubber in the spot market inched up supported by positive cues from the major overseas market. However, trades continued to be subdued in the spot market.
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
