MARKET COMMENTARY
As this week commences, SHFE rubber futures are seen stretching previous week’s losses. The benchmark January rubber futures about two per cent, probably on concerns on global economy. In the meantime, the trendsetting TOCOM exchange stayed closed on account of Respect for the Aged holiday, which is likely to weigh on the sentiments. The exchange will remain closed 22nd and 23rd as well and will reopen only on 24th September.
MARKET NEWS
Vietnam exported 118,560 mt of natural rubber in August, edging up 5.75% year on year and rising 12.4% from July, data released Wednesday by Vietnam Customs showed.
Crude rubber inventories at Japanese ports stood at 13256 tonnes as of Aug 31, down 0.6 per cent from that on Aug 20, data from the Rubber Trade Association of Japan showed.
India’s natural rubber imports slumped 32 per cent on YoY basis to 33292 tonnes in August according to the Rubber Board. Consumption as well as production rose to 87500 and 55000 tonnes respectively during the same period.
Malaysia to raise Rubber Production Incentive to RM5.10 from RM4.60 per kg for SMR 20 FOB according to the country’s Minister of Plantation Industries and Commodity.
Salmiah Ahmed has been appointed as the new CEO of International Rubber Consortium, the operational arm of the International Tripartite Rubber Council.
All India Rubber Industries Association has called for formation of an exclusive export promotion council for rubber products.
India’s Minister for Steel and Mines has expressed concerns over problems faced by the local rubber and steel industry due to “dumping” by countries that it has free trade agreements with and said that the matter is in consultation with ministries of finance and commerce as well as the prime minister to reconsider these agreements and rising further anti-dumping duties.
According to International Rubber Consortium, global natural rubber production is expected to decline further in 2015 following the prolonged and strong El Nino.
Central govt. says there is no immediate plan to permit foreign direct investment in the country’s coffee and rubber plantation sector.
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