This entry was posted on Wednesday, June 17th, 2015 at 4:37 pm 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
A positive momentum prevailed in the local natural rubber market. In the physical market, RSS4 inched higher to two and a half month high while on NMCE the commodity ended more than one per cent high. Amidst limited supplies, gains in natural rubber prices in the international market and assurances from the government improved the sentiments. In the meantime, natural rubber in the international market is seen inching down after rising last day. TOCOM rubber future, in thin trades, ticked down as market attention is increasingly shifting towards the US FOMC rate decision scheduled later today.
MARKET NEWS
?Kerala FM says the central government has assured that the state has not been excluded from the rubber subsidy scheme and also added that the state has sought Rs.500 crore for the rubber procurement scheme announced by the state budget.
? 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.
?IMDdeclared 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