Global crude oil prices were ruling at four year
lows, raising hopes of another cut in petrol and diesel prices. Today, WTI
crude oil trading in red, the prices fell to $77.23 per barrel at 13.15 GMT.
Indian Oil companies had reduced petrol and diesel prices by `.2.41
and `.2.25 a litre respectively on 31st October, when the
Indian basket was hovering around $84.77 a barrel. A revision in fuel prices is
due on Saturday. Petrol and diesel prices could come down by another `.1
to `.2 per litre. Now India is planning to take advantage of
subdued crude oil prices to get concessions for long-term supply contracts with
major oil exporting countries.
Tokyo rubber futures, which set the tone for
tyre-grade prices, are likely to hold in a narrow range this week, due to
subdued demand from China. According to preliminary trade data issued by
China's General Administration of Customs, the country imported 300,000 tonnes
of natural and synthetic rubber in October 2014, a 6.3% drop compared to September.
In October 2014, India's natural rubber production
fell by 32.56% to 58,000 tonnes compared to 86,000 tonnes in the same period of
2013, as some farmers stopped tapping after prices fell to their lowest level
in five years. While natural rubber consumption in the month increased 1.8% to
83,000 tonnes, compared to 81,530 tonnes. Natural rubber imports increased 27.65%
to 36,865 tonnes compared to 36,865 tonnes in October 2013.
The benchmark RSS4 grade rubber closed at `.118.50
a kg at Kottayam, while RSS3 grade closed at `.101.65 a kg at
Bangkok and Malaysian SMR20 closed at `.95.22 a kg. On
National Multi Commodity Exchange November 2014 futures closed at `.118.99
a kg, December at `.116.13 and January 2015 at `.116.41
a kg. On Tokyo Commodity Exchange, November 2014 futures series closed at ¥192.7
a kg, December at ¥196, January 2015 at ¥199.3, February at ¥201.1, March at ¥203.6
and the contract for delivery in April 2015 closed at ¥204.8 a kg.
For
2014-15 Rubber Forecast, http://rubber4u.com/Public/RForecast.pdf
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