MARKET COMMENTARY
Sentiments stay sanguine in the natural rubber market. On Tuesday, TOCOM rubber futures added three per cent to hit its highest level since June 2015 bolstered by surging SHFE rubber futures and crude oil. On SHFE, natural rubber futures jumped more than seven per cent to more than two year high.
Upbeat cues from the major overseas market pushed up natural rubber prices in the local market as well. On Monday, RSS4 grade rubber was quoted at its highest level in two and a half months. NMCE rubber futures jumped as well. However, trades were subdued and lacklusture demand from the tyre sector weighed on.
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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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