Thursday, December 3, 2015

Little relief but still in crisis

Rubber growers in Kerala were bearing the brunt of rubber imports, leading to a fall in price in the domestic market. Today during the Zero Hour, Lok Sabha MPs from Kerala backed the Congress leader Anto Antony’s demand for immediate intervention from the Centre to arrest rising imports of natural rubber. Home Minister Rajnath Singh assured the agitated MPs that he would take up the matter with the Minister concerned.

U.S. manufacturing contracted in November for the first time in three years as the sector buckled under the weight of a strong dollar and deep spending cuts by energy firms, but robust automobile sales suggested the economy remained on solid ground.

An industry survey showed Manufacturing activity in China hit a three year low in November, supporting the case for more accommodative policies as authorities seek to prop up growth.

While benchmark TOCOM rubber futures hit a 6 week high on Thursday, helped by an overnight jump in Shanghai futures and as investor’s unwound short positions on the view that prices may be bottoming out.

Today the benchmark RSS4 grade rubber closed at `.105 a kg at Kottayam, while RSS3 grade closed at `.85.34 a kg at Bangkok and Malaysian SMR20 closed at `.77.97 a kg. On National Multi Commodity Exchange December 2015 futures closed at `.104.88 a kg, January 2016 at `.104.84, February at `.105.16 and March closed at `.106.02 a kg. On Tokyo Commodity Exchange, December 2015 futures series closed at ¥161.8 a kg, January 2016 at ¥165.1, February at ¥167.3, March at ¥169, April at ¥169.8 and the contract for delivery in May 2016 closed at ¥170.7 a kg. On Friday, most probably Tocom futures contract for delivery in May 2016 may trade in the range of ¥168 & ¥172 a kg.

To read Rubber4U – 1st December 2015 issue:
For 2015-16 Rubber Forecast:
Visit Us at Rubber World Expo 2015 at B-34, BEC, Goregaon-Mumbai, India.

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