MARKET COMMENTARY
⊳ Natural rubber is seen stretching the previous week’s losses in the international market as the week’s session commences. On Monday, TOCOM rubber futures shed more than 1.5 per cent to hit three week low tracking deep plunges in crude oil that slipped below $65 a barrel. Weakening yen failed to provide cushion to the falling prices. SHFE and AFET rubber futures declined as well.
⊳ Natural rubber in the Indian markets were hovering near five year lows last week. RSS4 in the physical market traded in narrow ranges near its weakest level since November 2009 weighed down by worries over demand despite restricted arrivals to the market. Weakness in the major overseas market and steep slump in crude oil prices pondered upon the market sentiments too.
MARKET NEWS
⊳Rubber inventories in the warehouses monitored by SHFE declined 24.3 per cent to 136531 tonnes.
⊳ Crude oil tumbles to its lowest level in four years.
⊳ 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.
TECHNICAL COMMENTRY
RUBBER Dec NMCE
As long as 11800 range caps upside range bound moves inside 11800-11400 ranges may be seen. However slippage past 11400 with volumes could see sharp liquidation possibly to 11200 initially followed by 11000 ranges.
Source: Geofin Comtrade
![[Geojit Comtrade] Daily report on Natural Rubber: December 4, 2012](https://img.globalrubbermarkets.com/2024/08/geojit-comtrade-daily-report-on-natural-rubber-december-4-2012.jpg?resize=120%2C86&ssl=1)
