India’s rubber output up by 7.2%

India’s rubber output up by 7.2%
August 17, 2011





CHENNAI (Commodity Online): The production of natural Rubber in India during April – July period this year has shown a good increase. The output was up by 7.2% in July to 62,700 tons from 58,500 tons during July 2010.

The total output for the period has raised 5.8% to 238,400 ton from 225,250 ton last year same period.

According to the Rubber Board, The total consumption during the period was up by 4.8% at 323,875 ton from 309,050 tons last year.

Mr. Onkar S Kanwar, Chairman of Apollo Tryes, had earlier mentioned that they are not concerned seriously about the price of natural Rubber but the availability matters them. quoted by Business standard as saying.

The Automotive Tyre Manufacturers Association (ATMA) and All-India Rubber Industries Association (AIRIA) have requested the government to allow duty free import of 2 million tons of rubber to curb constraint.

The imports increased to 62,056 ton from 56,208 ton whereas the export of Rubber has touched 100% growth to 9,504 ton from 4,347 ton compared with last financial year.





Tokyo futures down 0.4 pct, momentum weak (Aug 17)
August 17, 2011





TOKYO, Aug 17 (Reuters) – Key Tokyo rubber futures ended down 0.4 percent on Wednesday as a sharp deterioration in economic conditions and worries about rising supply dampened sentiment, with the market wedged into a tight range seen in the past three months.

The key Tokyo Commodity Exchange rubber contract for January delivery <0#2JRU:> settled down 1.4 yen at 362.4 yen per kg.

The most active Shanghai rubber contract for January delivery rose 0.9 percent to close at 34,100 yuan per tonne. Volume stood at 574,662 lots.

“With upward momentum very weak, the market is wedged in a very narrow range,” said Naoki Asami, chief broker at trading house Kanetsu.

“European debt woes and worries of rising supply from producing countries kept investors sidelined, despite upbeat news of a recovery in car output in the United States and solid prices in Shanghai.”

Asami expects the market to recover after hitting 355 yen, but could sag further if it breaks through the 340 yen mark.

The yen hovered near its all-time high at 76.25 yen versus the greenback on Wednesday, with traders expecting further upward pressure as they see limited likelihood of a dollar recovery given the lack of yen-selling intervention by the Bank of Japan over the past two weeks.

Brent crude rose on Wednesday, staying above $109 a barrel as a larger-than-expected draw down in U.S gasoline stocks and positive U.S. economic data trumped concerns over the euro zone debt crisis.

Industrial output in the U.S. recorded its best gain in seven months in July.

A meeting between French and German leaders didn’t result in any concrete measures to combat Europe’s sovereign debt problems.

The Nikkei average fell after the meeting.

China’s top state planner on Wednesday said that the world’s second-largest economy is expected to expand by 7 percent annually over the next five years.