MARKET BUZZ
Benchmark TOCOM rubber futures fell more than 2 percent on Friday following a decline in Shanghai futures overnight. (Reuters)
Futures contracts of natural rubber on the National Multi-Commodity Exchange of India fell the most in 2 months as reports of Thailand offloading 98,000 tn rubber from inventories spooked sentiment world over. Thailand is the world’s largest producer and exporter of natural rubber and India is net importer of the commodity. (Cogencis)
Thailand will sell 98,000 tonnes of rubber from state stockpiles in the first state auction in 2017, the country’s rubber authority said on Thursday. The sale is worth over 6.64 billion baht ($187.57 million), said Titus Suksaard, governor of the Rubber Authority of Thailand.(Reuters)
Crude rubber inventories at Japanese ports stood at 5,471 tonnes as of Dec. 31, up 4.2 percent from the last inventory date, data from the Rubber Trade Association of Japan showed. (Reuters)
Ivory Coast exported 471,904 tonnes of natural rubber from January through November 2016, up more than 19 percent from the same period in the previous year, provisional port data showed. (Reuters)
Global natural rubber output is likely to fall in the first quarter of 2017 as floods have disrupted tapping in top producer Thailand, the Association of Natural Rubber Producing Countries (ANRPC) said. Output for the period is expected to fall 0.8 percent from a year-ago level to 2.44 million tonnes. However, annual production from the ANRPC members, which together account for about 92 percent of global output, could rise 4 percent to 11.2 million tonnes in 2017, after stagnating over the past three years, the association said in a statement. (Reuters)
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