MARKET COMMENTARY
Positive momentum continues in the major overseas natural rubber market. On Wednesday, TOCOM rubber futures gained more than five per cent earlier to hit its highest level since April 2015. SHFE rubber futures too moved in tandem with TOCOM rubber futures. Firmer crude oil prices, feeble Japanese yen against the US dollar and worries over supply from the top natural rubber producing countries propped up the sentiments. In the local market on Tuesday, RSS4 graded rubber stayed firm near Rs.121 a kg in the spot market. On NMCE, however, it ended in red.
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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