Meanwhile, Indonesian natural rubber production is expected to touch 3.18 million tons this year, a jump of 5%. In a report yesterday by Association of Natural Rubber Producing Countries, it was said output in Malaysia the third-largest producer, may gain 6.2 percent to 980,000 tons.
MUMBAI (Commodity Online): With the wintering season drawing to a close in northern Indonesia, Malaysia and Thailand, futures of natural rubber in TOCOM was seen trading down as farmers in the producing countries return to tapping. This may increase the supply of natural rubber as the days advance.
The November contract for natural rubber in TOCOM dipped 6.3 Yen a kilogram and was seen trading at 261.4 Yen as of 14:15 JST.
“I’m watching to see if Thailand will take additional steps to bolster prices,” Hideshi Matsunaga, an analyst at broker ACE Koeki Co. in Tokyo, said to Bloomberg. A subdued Yen which in fact enhances the appeal of the Yen denominated commodity contributed to retreat.
Meanwhile, Indonesian natural rubber production is expected to touch 3.18 million tons this year, a jump of 5%. In a report yesterday by Association of Natural Rubber Producing Countries, it was said output in Malaysia the third-largest producer, may gain 6.2 percent to 980,000 tons.
India’s spot market at Kottayam in Kerala, saw RSS 4 touching Rs.170/KG, RSS 5 touching Rs.165/KG and ISNR 20 reaching 157 a kilogram Tuesday.
Yesterday, rubber prices in NMCE July contract traded volatile due to selling pressure at higher levels.
“Over all trend for the commodity is looking bullish while 16550-16850 is likely to remain the trading range for the commodity for Wednesday’s trading session. Trading above 16850, it is likely to test the next resistance of 17050,” said Milan Shah, Research Analyst with Commodity Online.
On India’s NMCE natural rubber for delivery on July was seen trading at Rs.16645/ quintal as of 11.02 AM IST. Yesterday, the futures closed at 16707 a quintal.
Source: Commodity Online
