Global crude oil prices are expected to
remain volatile through the end of this year, following uncertainty over a
production freeze by the Organization of the Petroleum Exporting Countries
(OPEC). Today oil futures rallied after Russian president Vladimir Putin said
the country would freeze its oil output and he sees a high probability that an
agreement to curb oil production will be reached at the 30th November meeting of OPEC in Vienna. On
the New York Mercantile Exchange, crude futures for delivery in December was
trading at $47.30 a barrel and January Brent crude at $47.85 a barrel at 17.45
IST.
According to market sources, China Petroleum
and Chemical Corp. (Sinopec), raised its ex-works butadiene offers in eastern
China to Yuan 12,300/mt, or $1,494/mt on an import parity basis. Sinopec's
price hikes follow bullishness in synthetic rubber markets after natural rubber
futures rose.
The April 2017 natural rubber futures
contract traded on the Tokyo Commodity Exchange hitting a 17 month high of ¥224.4
a kg, after touching a low of ¥211.6 a kg a earlier in the day. The most-active
rubber contract on the Shanghai futures exchange for January delivery SNRcv1
surged 965 yuan to finish at 17,130 yuan (about $2,484) per tonne, the highest
since June 2015.
The benchmark RSS4 grade rubber closed at `.125
a kg at Kottayam, while RSS3 grade closed at `.131.25 a kg at
Bangkok and Malaysian SMR20 closed at `.118.35 a kg. On
National Multi Commodity Exchange the last traded price for December 2016 futures
was `.132.99 a kg, January 2017 at `.135.29
and February at `.138.83 a kg. Tokyo Commodity Exchange November 2016
futures series closed at ¥214.8 a kg, December at ¥215.8, January 2017 at ¥220,
February at ¥221, March at ¥221.7 and the contract for delivery in April 2017
closed at ¥224.1 a kg.
For 2016-17 Rubber Forecast: http://rubber4u.com/Public/RForecast.pdf
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