- RSS4 in the physical market was seen softening towards the end of the previous week following a jump to its highest since early-May this year. The most active October rubber futures in NMCE eased too, weighed down by a correction witnessed in natural rubber prices and other commodities in the international market, yet remained in the vicinity of its recent highs. Also, monsoon staying weak over the major rubber growing areas in Kerala weighed on. However, concerns over supply of sheet rubber provided firm support.
- On Monday, natural rubber prices in the international market are seen declining as worries over global economic growth gripped the market despite monetary stimulus from US, Japan and Euro Zone. TOCOM rubber futures dipped after concerns grew that demand from China may slow down following the comments from the central bank’s adviser that the slowdown may extend into next year.
- Rubber inventories in the warehouses monitored by the SHFE rose 5.0 per cent to 44401 tonnes the previous week.
- The global natural rubber surplus was about 275,000 metric tons at the end of August, according to Daud Husni Bastari, chairman of the Rubber Association of Indonesia.
- The Philippine government is targeting to increase rubber production
in the country by turning 200,000 hectares of land into rubber plantation by 2016.
- Thailand Government approved the $30 billion rubber market intervention plan on Tuesday.
- Natural rubber production in India edged higher by 2.5 per cent to 73000 tonnes in August on a year on year basis while consumption rose nine per cent to 83000 tonnes during the same period.
- India’s natural rubber consumption rose five per cent to 4.20 lakh tonnes in April-August 2012 on YoY basis while production showed only a marginal rise of 0.8 per cent to 331700 tonnes during the same period. Imports dropped 17 per cent on a year to 14870 tonnes in August on reduced imports by the tyre manufacturing industry.
RUBBER Oct NMCE After the recent run up, prices are currently trapped in a broad range of 19650-18500 ranges and requires a breakout from either the sided for further directional moves.
Source: Geojit Comtrade
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