MARKET COMMENTARY
⊳ Natural rubber in the Indian market ticked lower on Wednesday. In the physical market, quotes for RSS4 inched lower to Rs.117.50 a kg. While worries over demand from tire sector has been lingering in the market for long, declines seen in the international market weighed on the overall market sentiments. However, limited arrivals to the market lend lower level support. On NMCE, the grade inched lower to culminate the session more than one per cent down after hitting one and a half week high earlier the day.
⊳On Thursday, natural rubber in the international market are seen stretching losses. TOCOM rubber futures edged lower weighed down by strengthening yen and decline in crude oil prices. SHFE and AFET rubber futures followed the suit too.
MARKET NEWS
⊳ Thai officials have outlined 16 measures to help rubber farmers facing hardship, including plans to cooperate with rubber producing countries in the region to boost global market prices.
⊳ Thailand’s natural rubber exports declined 11 per cent to 291641 tonnes in October according to the nation’s Ministry of Commerce.
⊳ Vietnam’s Ministry of Agriculture and Rural Development expects rubber exports in November to be at 113000 tonnes. In October, the nation shipped 147000 tonnes compared to 119000 tonnes exported during the same period last year.
⊳ Thai Farm Ministry will form a joint committee with rubber farmers to discuss the industry’s short and long- term problems according to Amnuay Patise, deputy minister.
⊳ China tire companies urges the government to take measures against anti-dumping and countervailing duties imposed on tire imported from China by the US.
⊳ The United States is set to slap duties on imports of tires from China after the Department of Commerce found that the tires are produced using unfair government subsidies.
⊳The International Rubber Tripartite Council has decided to set up a regional rubber market in 18 month to stabilise natural rubber prices. In the Council meeting, it was also decided to cut exports from next year to control supply and bolster prices.
TECHNICAL COMMENTRY
RUBBER Dec NMCE
Despite breaking above the consolidation range resistance of 11700, prices were unable to sustain the same. For the day, the declines are likely to continue and slippage past 11400 with sturdy volumes could augment sharp sell-offs.
Source: Geofin Comtrade
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