Sentiments seem to be rather sanguine in the overseas natural rubber market on Tuesday, though absence of China on account of weeklong National Day holiday weighed on. Relatively steady crude oil prices along with a weakening Japanese yen lifted natural rubber on TOCOM exchange. The most active March rubber futures gained over one per cent.
In the local market, sentiments are rather bleak. On Monday, RSS4 grade rubber slipped further in the spot market, hitting a five month low on rising production and jaded demand. Weak cues from the major overseas market weighed on the sentiments as well.
Union Minister for Commerce and Industry Nirmala Sitaraman will inaugurate the 9th Annual Rubber Conference of the Association of Natural Rubber Producing Countries in Guwahati on October 17th.
India’s natural rubber production rose by 21 per cent to 58,000 tonnes in August, while imports shot up by 27% to 47,540 tonnes, according to Rubber Board data.
According to Rubber Board, natural rubber production in India is seen rising since May this year with July and August showing a rise of 10 and 20 per cent respectively compared to last year.
Vietnam exported an estimated 858,000 tonnes of rubber in the first nine months of 2016, up 15.3 percent from the same period last year, the government said.
The International Tripartite Rubber Council (ITRC), a grouping of Indonesia, Thailand and Malaysia, will trim exports by an additional 85,000 tonnes from September to December this year, an Indonesian rubber industry official said.
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