The
Goodyear Tire & Rubber Company announced that it has reached agreement with
Sumitomo Rubber Industries, Ltd. (SRI) to dissolve the global alliance between
the two companies.
Rubber futures on Tokyo Commodity Exchange
have risen as much as 14% this year to a 16 month high, while the Japanese
currency fell to a 12 year low (to 125.05 a dollar). Rubber buyers are getting
a tough deal as a weaker yen compounds the pain of rising international prices.
Oil prices remained under pressure, despite
bullish U.S oil inventory data and the decline was slightly below market
expectations. Investors are keeping a close watch on the upcoming meeting of
the Organization of the Petroleum Exporting Countries, with some concerns that
a decision to maintain or even raise production quotas could accelerate a
selloff by speculators. The international crude oil price of Indian Basket
declined 0.85% to US$ 63.07 per barrel on 3rd June as against US$ 63.61 per
barrel on 2nd June.
According to a study conducted by Rubber
Research Institute of India (RRII), rising temperature levels are likely to
affect the natural rubber yield in Kerala. The production of latex in rubber
trees is closely related to the atmospheric temperature. Proper precautions and
climate resilient measures may be adopted by the farmers to overcome the
adverse effects of temperature.
The benchmark RSS4 grade rubber closed at `.130
a kg at Kottayam, while RSS3 grade closed at `.121.02 a kg at
Bangkok and Malaysian SMR20 closed at `.102.61 a kg. On
National Multi Commodity Exchange June 2015 futures closed at `.128.49
a kg, July at `.134.21 and August at `.135.21 a kg. On
Tokyo Commodity Exchange, June 2015 futures series closed at ¥226.3 a kg, July
at ¥227, August at ¥229.2, September at ¥231.8 October at ¥235.7 and the
contract for delivery in November 2015 closed at ¥238.8 a kg. On Friday, most
probably Tocom futures contract for delivery in November 2015 may trade in the range
of ¥240 & ¥234 a kg.
To read Rubber4U – 1st June
2015 issue: http://rubber4u.com/Public/Abcd.pdf
No comments:
Post a Comment