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MARKET COMMENTARY
?Natural rubber traded firm in the local market on Wednesday. Gains in the major overseas natural rubber market coupled with limited supplies lend lower level support though lingering concerns over demand for the local produce as well as bulging imports weighed on overall market sentiments, capping gains. In the physical market, RSS4 grade rubber was quoted tad up while on NMCE, the commodity ended in green for the third successive day. In the major overseas market on Thursday, natural rubber prices continued to inch higher. TOCOM rubber futures hit a three week high supported by a weaker yen. SHFE rubber futures were up by more than a per cent. Still concerns over decline in imports by China weighed on.
MARKET NEWS
?Kerala State Finance Minister has urge the Central government to either completely ban rubber imports or to raise the import duty to 25 per cent to help the local rubber farmers. Also, the minister has sought more funds for price stabilization fund.
?Reuters reports that Asia’s biggest rubber producers, including world No.1 Sri Trang Agro-Industry Plc are set to hike prices sharply, ditching a system of pegging process near benchmark set by Singapore SICOM Exchange.
?Thai government has kicked off a soft-loan programme to help rubber companies but more domestic raw materials to help to absorb oversupply and boost the price of the commodity.
?Vietnam has agreed to join the International Tripartite Rubber Council, which groups the world’s three largest producers of natural rubber-Thailand, Indonesia and Malaysia.
?NMCE to launch forward trading in Indian from 23 April 2015.
?The demand to include rubber in the central government’s “Make in India” scheme is gathering momentum. This would help solve the problems faced by rubber planters and rubber product manufacturers, said the National Federation of Rubber Producers’ Societies.
?China 1Q GDP at 7.0 per cent, its slowest pace in six years.
?India government is in the process of formulating a national rubber policy and insurance based scheme to address the issues pertaining to the sector and boost the production of the plantation crop.
? China’s rubber imports (natural and synthetic) rose 33.3 per cent on MoM basis to 360000 in March while it registered a 12.2 per cent fall on YoY basis.
?Malaysia’s natural rubber production rose 1.4 percent in February to 74469 tonnes on year on year basis.
Source: Geofin Comtrade