Thursday, January 17, 2019

Hoping for the best

Union Minister for Commerce and Industry, Suresh Prabhu inaugurated three day event - India Rubber Expo 2019 at Bombay Exhibition Centre, Mumbai, India. Union Commerce Minister Suresh Prabhu said rubber industry is a truly homegrown industry which is having a deep impact on several global markets. Rubber industry will continue to grow faster, create more employment opportunities, increase exports and add to the economic output of India. Rubber industry can also contribute significantly in India’s efforts to become a 5 trillion dollar economy.

According to Oke Nurwan, director general of foreign trade at Indonesia’s Trade Ministry, a technical team at the International Tripartite Rubber Council has proposed cutting shipments of natural rubber by 300,000 tonnes this year as part of efforts to improve prices. Indonesian and Malaysian governments have agreed on proposal for combined cut, while Thailand so far hasn’t. Officials from the three countries were due to gather in Bangkok during 19-20 January.

The benchmark RSS4 grade rubber closed at `.125 a kg at Kottayam, while RSS3 grade closed at `.113.37 a kg at Bangkok and Malaysian SMR20 closed at `.96.17 a kg. On ICEX, February 2019, the futures closed at `.126.16 a kg, March at `.128.39, April at `.125.64, May at `.126.91, June at `.128.17 and July closed at `.129.45 a kg. Tokyo Commodity Exchange January 2019 futures series closed at ¥190 a kg, February at ¥187.3, March at ¥186, April at ¥185.5, May at ¥185 and the contract for delivery in June 2019 closed at ¥184.8 a kg. On Friday, most probably Tocom futures contract for delivery in June 2019 may trade in the range of ¥183 & ¥186 a kg.

To read Rubber4U – 1st February 2019 issue:
For 2018-19 Rubber Forecast:

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