Rubber futures fell as a shaky global
economic outlook and a pause in the yen's recent selloff prompted profit taking
after prices hitting ¥321 yen last week, its highest since early April. The key
Tokyo Commodity Exchange rubber contract for June delivery may touch a low of ¥301 per kg on 16th January 2013.
The World Bank sharply cut its 2013 outlook
for world economic growth to 2.4% from its last forecast in June of 3%, blaming
an unexpectedly sluggish recovery in developed countries for holding back the
global economy. Oil prices dipped in heavy trading on Tuesday as German
economic data and concerns about the brewing fight over the U.S. debt ceiling
stoked concerns about fuel demand. The yen rose to as much as 88.28 from a 2-1/2
year low of 89.67 set on Monday after Japan's Economics Minister warned that
excessive yen weakness could boost import prices, hurting people's livelihood.
India's natural rubber production during December
2012 rose 3% to 110,000 tonnes. Were as it’s natural rubber imports fell 35.63%
to 13,611 tonnes, as rubber goods manufacturers preferred domestic natural
rubber, as it is currently trading below the international price.
Read
lot more in Rubber4U – 1st February 2013 issue
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