Thursday, March 23, 2017

Market may trade in red


The Tokyo Commodity Exchange (Tocom) rubber contract for August delivery closed at ¥250 per kg. It is expected that on Friday it may trading in negative. Benchmark rubber futures dropped after Thailand said it would offload rubber from its stockpiles. Thailand would sell 13,000 tonnes of rubber in a state auction, aiming to offload the remaining 107,000 tonnes in stockpiles by the end of May.

According to customs data, China's imports of natural rubber rose 55.4% in February from a year earlier. Only rubber stockpiles at TOCOM are low but inventories in China stay high, said a Tokyo-based dealer.

Oil prices dropped to near four-month lows because of investor concerns that OPEC-led supply cuts were not yet decreased.

The benchmark RSS4 grade rubber closed at `.149 a kg at Kottayam, while RSS3 grade closed at `.155.27 a kg at Bangkok and Malaysian SMR20 closed at `.126.16 a kg. On National Multi Commodity Exchange futures series closed for April 2017 closed at `.146.80 a kg, May at `.151.70 and June at `.154.99 a kg. Tokyo Commodity Exchange March 2017 futures series closed at ¥277 a kg, April at ¥267.5, May at ¥263.3, June at ¥257.2, July at ¥253 and the contract for delivery in August closed at ¥250 a kg. On Friday, most probably Tocom futures contract for delivery in August 2017 may trade in the range of ¥243 & ¥253 a kg.

To read Rubber4U – 1st April 2017 issue: http://rubber4u.com/Public/Abcd.pdf
For 2016-17 Rubber Forecast: http://rubber4u.com/Public/RForecast.pdf

No comments:

Post a Comment