Most rubber futures and physical rubber markets in Asia fluctuated in a narrow range during the week as global stock markets subsided, the yen was rangebound against the greenback, crude oil futures trended downwards, and gold futures trended upwards.
China’s Premier Li Keqiang on Tuesday confirmed that he would not allow China’s economic growth to fall below a seven percent level this year, and the General Administration of Customs said on Friday that China imported 0.86 million tons of natural rubber (NR) in the first four months of this year, or 32.7% higher than the same period last year.
The Automotive Tyre Manufacturers Association of India also said on Tuesday that the tyre industry is going for heavy imports of NR in August and September as heavy rains have disrupted rubber tapping since June.
The Minister of Agriculture and Cooperatives of Thailand reiterated on Friday that a 210,000 tons NR stock will be released if NR prices rise later this year.
As global stock markets remain unstable, investors still tie themselves to a move of the Fed, the rubber market cannot be denied, but IRCo’s technical charts have shown some improvements in NR prices on Friday.
Source: IRCo
