MARKET COMMENTARY
⊳ Sentiments were muddled in the local natural rubber market on Thursday. RSS4 in the physical market ticked up while on NMCE the grade culminated the session in red. Restricted supplies to the market probably lend support amidst gains witnessed in the major overseas market. However, the underlying sentiments continued to be feeble on demand concerns.
⊳ In the international market on Friday, TOCOM and SHFE rubber futures declined after the previous day’s advances while AFET stayed closed on account of HM the King’s Birthday. A retreat in crude oil prices weighed on.
MARKET NEWS
⊳ Kerala CM urges the Center to raise the import duty on rubber. Also to demand a special rubber re-plantation package from the Center
⊳Crude rubber inventories at Japanese ports stood at 9,791 tonnes as of Nov. 20, down 5.8 pct from 10 days earlier, according to a data from the Rubber Trade Association of Japan.
⊳ China’s Hainan Rubber Industry Group said it had signed an agreement to buy 208,000 tonnes of rubber from Thailand.
⊳ 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 Jan NMCE
Immediate support at 11450, which if held downside could call for brief pullbacks to 11580/11650 ranges. However slippage past 11450 with volume could attract liquidation.
Source: Geofin Comtrade
