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MARKET COMMENTARY
?Natural rubber in the Indian market ended the last week’s session on a firm note. RSS4 in the physical market traded near more than a two month high bolstered by rise in natural rubber prices in the major overseas market and on renewed buying interest. The commodity was seen ticking up in the futures segment too.
? On Monday, natural rubber in the international market is seen declining. In the first trading session of this week, TOCOM rubber futures declined despite a weaker yen, probably tracking losses in the SHFE futures exchange. Trade balance data released from China earlier today had showed a sharp decline in imports by 17.6 per cent in May, exceeding expectations.
MARKET NEWS
?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.
?Rubber inventories in the warehouses monitored by SHFE rose 3.0 per cent to 133630 tonnes, weekly data from the exchange showed.
?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.
?Japan’s crude rubber stocks totaled 12,225 metric tons as of May 10, up 3.4% from 11,825 tons as of April 30, data from the Rubber Trade Association of Japan showed.
?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.
?By May 15, the rubber inventories in Qingdao tariff-free area stood at 195000 tonnes, down 8.4 per cent from the end of April.
?China Rubber Industry Association has released self-disciplinary standards for “environmental protective” reclaimed rubber used in tires, according to a CRIA. The standards, made in reference to European Union regulations, aim to eliminate high-polluting processes and the use of hazardous materials such as coal tar.
?Vietnam rubber exports in April declined by 19 per cent on MoM basis to 52517 tonnes according to the country’s customs department.
Source: Geofin Comtrade