NMCE rubber futures traded in a narrow range and closed lower on profit booking yesterday. Most of the Asian rubber markets end with a positive sign on tight supply situation. TOCOM’s May futures increased by 1.2 yen and closed at 253.1 yen per kg.
Vietnam's rubber exports are likely to raise 35.6percentage from the same month last year to 35,000 metric tons in November, the General Statistics Office said Thursday. In the January-November period, the country will have exported 637,000 tons of rubber, up 8.6percentage in volume from the first 11 months of last year.
China imported 101,721 metric tons of natural rubber in October, down 35percentage from a year earlier, according to data provided by the General Administration of Customs. October imports were down 37percentage from 161,336 tons in September. High inventories, weak demand drag down China's natural rubber imports. China's exports have been affected due to U.S. tariffs.
India has revised down its natural rubber production forecast to 840,000 metric tons from an earlier projection of 867,000 tons for the marketing year that started April 1 the state-run Rubber Board said Monday. The country produced 864,500 tons of rubber in 2008-09. The board also cut its estimate for exports in 2009-10 to 20,000 tons from 45,000 tons earlier. India’s natural rubber imports declined 50 per cent in October compared with the same month last year. The imports fell to 8,574 tonnes against 16,010 tonnes in October last year. The cumulative imports during April-October increased to 126,472 tonnes from 54,283 tonnes in the same period last year. Meanwhile, exports from the country have shown signs of improvement in October as 1,239 tonnes were exported. This was 401 tonnes in September this year and all most nil in July and August.
According to the Thai Rubber Association, rubber output from Thailand, the world’s largest producer, may decline about 10 percent this year as heavy rainfall disrupts production. Output will be 2.7 million to 2.8 million metric tons in 2010 compared with 3.1 million tons in 2008. Yields also fell as fertilizer costs raised, curbing use.
Indonesia's natural rubber output is likely to fall to 2.59 million metric tons this year from 2.75 million tons last year due to dry weather has affected yields. Reports from Thailand, Thailand expected to expand rubber area by around 870,000 hectares in northern and northeastern regions, where the weather is more conducive for rubber tapping. Natural rubber output in the January-August period in Thailand, the world's largest producer, was 1.9 million tons, 8.3percentage lower from a year ago.
According to latest report from International NMCE rubber moved in the range of Rs12488-12100 last traded at Rs.12150 (12345) Open interest increased by 36 to 1268. Rubber stocks at NMCE accredited warehouses increased by 123Mt. to 2306 Mt.
INTRADAY OUTLOOK NMCE Rubber December futures support lies at 12004 and
11858. Resistance is at 12392 and 12634.
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