The agony of the rubber farmers, hit by the price crash, is not to end soon as a new forecast predicts grim outlook in the near term. The prices are unlikely to recover in the next three months, as per the report by Association of Natural Rubber Producing Countries (ANRPC).
ANRPC revised its previous forecast on global rubber supply based on the monthly production in major rubber producing countries in the first five months ended May 2016. As per the new report supply growth will progress at 0.3 per cent in 2016 which is slower compared to 0.8% registered in 2015 and 5% in 2014.
The member countries of the ANRPC expected total NR volume available in 2016 to be 11.075 million tonnes , slightly higher than 11.042 million tonnes in the previous year, the report says. ANRPC member countries account for 90% of total global NR supply.