Oil prices on Tuesday ended lower for the
first time since OPEC agreed on 30th November, to cut output. Brent futures
settled at US$53.93 a barrel, while U.S. West Texas Intermediate (WTI) crude settled
at US$50.93 per barrel.
On Wednesday, Reserve Bank of India’s
Monetary Policy Committee (MPC) will place Fifth Bi-monthly Monetary Policy
Statement for 2016-17 on its website at 2.30 pm. Market will be keen to
understand the RBI’s roadmap for currency management. Market expects 0.25% cut
in repo rate, while sharp 0.50% cut in repo rate is expected to boost
sentiments. Rubber4U estimates there won’t be any cut in repo rate.
The benchmark RSS4 grade rubber closed at `.129
a kg at Kottayam, while RSS3 grade closed at `.142.06 a kg at
Bangkok and Malaysian SMR20 closed at `.119.20 a kg. On
National Multi Commodity Exchange the last traded price for December 2016 futures
was `.131.36 a kg, January 2017 at `.133.61,
February at `.136.08 and March at `.139.59 a kg. Tokyo
Commodity Exchange December 2016 futures series closed at ¥229.3 a kg, January
2017 at ¥231.2, February at ¥231.4, March at ¥233.7, April at ¥237.5 and the
contract for delivery in May 2017 closed at ¥240.4 a kg. On Wednesday, most
probably Tocom futures contract for delivery in May 2017 may trade in the range
of ¥238 & ¥243 a kg.
For 2016-17 Rubber Forecast: http://rubber4u.com/Public/RForecast.pdf
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