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[Geofin Comtrade] Daily report on Natural Rubber: June 10, 2016

MARKET COMMENTARY

TOCOM rubber futures is seen continuing its downtrend as the week culminates. The most active November rubber futures on TOCOM slid to four month low on Friday. In the midst of lingering worries over demand from the top consumer China, retreat in crude oil prices weighed on overall market sentiments. Holiday in China on account of Dragon Boat Festival influenced the markets as well. Natural rubber, in the Indian markets on Thursday showed a mixed trend. RSS4 grade rubber traded firm in the physical market, supported by thin supplies while, in the futures market it ended more than two per cent down.

MARKET NEWS

According to IMD, Southwest Monsoons hit Kerala on Wednesday.

 Rubber imports by China declined six per cent in May to 470000 tonnes compared to a month earlier.

Global natural rubber output could rise just 0.3 percent in 2016 from a year ago as drop in yields are seen offsetting expansion in the tapping area, the Association of Natural Rubber Producing Countries (ANRPC) said in a statement. Production from the ANRPC members, which together account for about 92 percent of global output, could rise to 11.07 million tonnes in 2016 from 11.04 million tonnes a year ago, Sheela Thomas, secretary-general of the ANRPC said.

The Rubber Board has advised growers tapping once a week to cut production cost, the board said in a release today. “In rubber holdings, a major share of expenditure is for tapping, and there is a shortage for tappers also,” the release said. The advisory is in the wake of prevailing low prices of rubber in domestic markets, the Board said.

China may open up its commodities futures markets to overseas and financial investors, the country’s securities regulator said, as the world’s top consumer of many raw materials seeks to play a larger role in setting global commodities prices.

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Geofin Comtrade

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