September rubber production up 2.2%

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September rubber production up 2.2%KOCHI: Production of increased 2.2% in September to 82,000 tonnes from to 80,200 tonnes in the year-ago month, according to figures released by the  Board.

Consumption of natural rubber was down by 1.8% at 81,500 tonnes compared to 83,000 tonnes in the previous month. However, exports dropped to 1053 tonnes in this year’s September from 4785 tonnes in September 2011.

The country imported 14,779 tonnes of natural rubber last month, an increase of 16% from 12,763 tonnes in the year-ago period. In the first half of the current financial year, the country’s natural rubber consumption rose 6% to 5.02 lakh tonnes. Production edged up 1% to about 3.96 lakh tonnes during the same period,the Board data showed.

“Prices are currently trapped in Rs 18,950-18,200 (per quintal) regions and require a break out from either the sides to provide fresh directions. Successful attempts to break above Rs 18,950 may see a rise towards Rs 19,100 – Rs 19,400 regions while slippage past Rs 18,200 with sturdy volume may call for Rs 18,000 – Rs 17,800 in the near term,” observed an analyst report from Geojit Comtrade Ltd.

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“Heaved down by worries over demand amidst slipping in the major global markets, continued to inch lower in the local market. On Thursday, quotes in the dipped further lower and was hovering near its weakest since mid-September on lacklustre demand from the consuming sector. Ltd’s in the meantime, moved in narrow ranges with a negative bias looking out for fresh cues for directional moves,” the report added.

“As this week’s session culminates, natural in the international market were seen reversing its initial advances and moving to a negative territory. rubber futures pared its initial gains and dropped more than one per cent while Tokyo Commodity Exchange rubber futures trimmed its earlier gains though weak yen and upbeat US jobs data provided firm support,” observed Anu V Pai of Geojit Comtrade Ltd.

Source: http://timesofindia.indiatimes.com/city/kochi/September-rubber-production-up-2-2/articleshow/16814474.cms

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