MARKET COMMENTARY
Natural rubber resumed rising in the major overseas natural rubber market. On Monday, the most active April rubber futures on the TOCOM exchange advanced nearly six per cent to hit its highest level since early-July this year. Surge in SHFE rubber futures, rising crude oil prices and feeble yen lend firm support for the commodity to edge higher. Japanese yen weakened against the US dollar, hitting its lowest level since May 31.
In the Indian market, the commodity traded on a firmer note last week buoyed by positive cues from the major overseas natural rubber market. However, the recent demonetization move and subdued demand amidst the peak production phase kept gains under check
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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