This entry was posted on Wednesday, June 17th, 2015 at 8:48 am and is filed under Rubber News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
MARKET COMMENTARY
Natural rubber continues to trade firm in the Indian market. On Monday, in the physical market, RSS4 was quoted around Rs.131.50 a kg in lacklusture trades while on NMCE, it culminated the session rather flat. Limited supplies and anticipation of procurement by the government provided firm support to the market though decline in natural rubber prices in the major overseas market weighed on, capping gains. In the overseas market meanwhile, natural rubber is seen rising on Tuesday. TOCOM rubber futures inched up from the three week low it hit last day probably on short covering. SHFE rubber futures inched up as well.
MARKET NEWS
? Kerala FM to meet Union Commerce Minister on issues faced by the rubber cultivators and exclusion of the state from the rubber subsidy scheme today.
? The United States imposed duties on certain automobile and light truck tires imported from China after finding they were being dumped at below-market value and unfairly subsidized by Beijing.
? Weekly inventory report from SHFE showed a rise of 1.4 per cent to 135539 tonnes last week.
?Natural rubber production in Indian declined 9.4 per cent on year on year basis to 48000 tonnes in May according to the latest estimated from the Rubber Board. Imports dipped as well by 0.7 per cent to 34448 tonnes during the same period while consumption rose by 2.4 percent to 84000 tonnes.
?Kerala State Agriculture Minister says government soon to hold discussions with stakeholders on the problems faced by the rubber growers.
?China imports of natural and synthetic rubber tumbled 20 per cent in May on YoY basis to 280000 tonnes according to preliminary trade data released by the country’s General Administration of Customs.
? IMD declared the onset of Southwest monsoon in Kerala on June 5, four days behind the normal schedule.
?According to a study conducted by Rubber Research Institute of India, occurrence of extreme temperature are becoming more frequent in the recent years in Kottayam, the major rubber growing area in Kerala and impact of changing climate in this region may seriously affect rubber cultivation. The study showed that the frequency of occurrence warming days has increased, which could adversely affect productivity.
?According to a report appeared on Bangkok Post, Thailand Ministry of Natural Resources and Environment will begin operation June 1st to recover 640000ha of land which have been illegally converted into rubber plantation.
Source: Geofin Comtrade