MARKET COMMENTARY
Sentiments stays sanguine in the natural rubber market as the week ends. On Friday, rising for the sixth Natural rubber prices are seen easing in the major overseas market as the week commences. TOCOM rubber futures retreated from the three and a half year highs hit last week. The most active May rubber futures on the bourse had declined three per cent before trimming losses. A rebound in Japanese yen against the US dollar following the fall to ten and a half month lows may have weighed on.
In the Indian markets last week natural rubber moved on a firmer note. Quotes for RSS4 grade rubber in the spot market had jumped to its highest level since mid-August this year. Sharp gains in the major overseas market bolstered the sentiments though trades stayed subdued.
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Vietnam, the world’s third-largest rubber producer, may join in with other major producers to reduce its output in a bid to push up prices.
Rubber Board expects the natural rubber (NR) exports from India to touch 5000 tonnes this fiscal with international prices ruling over the domestic prices.
According to the Association of Natural Rubber Producing Countries global natural rubber prices are likely to stay firm in short term due to stronger crude oil prices and as consumption growth outpaces production. The association said that consumption among its member countries rose 4.3 per cent to 7.387 million tonnes in Jan-Nov while production increased only 0.4 per cent.
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Geofin Comtrade
