MARKET COMMENTARY
Natural rubber continue rallying in the in the international market. On Friday, TOCOM rubber futures soared, hitting its highest level since July 2015, heading to post its biggest weekly gain since 2013. Rising SHFE rubber futures and weak Japanese yen apart from rise in other industrial commodities bolstered natural rubber prices. Upbeat movements in the major overseas natural rubber market lifted sentiments in the Indian market as well. On NMCE, rubber futures rose over 2.5 per cent on Thursday to hit its highest level since mid-August. In the physical market, RSS4 traded on a firmer footing though activities stayed subdued. In the meantime, Bangkok RSS3 prices have turned on a premium to Indian RSS4 grade rubber in rupee term.
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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