⊳ NMCE rubber futures extended gains while RSS4 in the physical market inched up on Wednesday. The benchmark November rubber futures rose more than one per cent probably tracking gains in the overseas market and on limited supplies. In the spot market, the grade was quoted higher near Rs.122 a kg. However, gains were limited on lingering concerns over demand.
⊳ A mixed trend is being witnessed in the international market on Thursday. TOCOM rubber futures are seen stretching previous session gains while SHFE and AFET rubber futures dipped. While the broad underlying sentiments continued to be feeble, gain in Japanese equities and positive economic indicators from the country probably lifted prices on TOCOM. Still, advances are likely to be capped on worries over demand from the top consumer China and world economic growth
⊳ Growers ask govt. and exporters to take steps to boost prices of rubber sheet to 80 baht/kg in 45 days, says Perk Lertwangpong, head of the Rubber Holders Cooperatives Federation of Thailand.
⊳ The Vietnam Rubber Association “strongly” advises members not to sell commodity below $1,500/mt, the International Rubber Consortium says on website.
⊳ Top natural rubber producers Thailand, Indonesia and Malaysia is expected to meet next week in Malaysia to seek measures to prop up prices.
⊳ ANRPC says natural rubber production among its member countries to rise 0.1 per cent in 2014 to 11.18 million tonnes.
⊳ Rubber exports from Thailand declined 1.5 per cent to 259674 tonnes in August on YoY basis.
⊳ Indonesian Rubber Association is seeking to put a floor under prices at $1.5 a kg and has written and sent circulars to its members not to sell rubber is prices plunges below the same.
⊳ India’s Commerce Minister promises to address the problems faced by the rubber growers including imports of natural rubber and added that National Policy on Rubber will be formulated soon.
⊳Vietnam rubber exports in August stood at 114000 tonnes and 13300 tonnes is anticipated to be exported in September according to nation’s Ministry of Agriculture and Rural Development.
RUBBER Nov NMCE
Prices were held near 12100 ranges in the previous session and it is necessary to sustain above the same for extension of such up moves towards 12300 or more. Inability to do so could call for dips to 11950/11850 or even more.
Source: Geojit Comtrade
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