Market on Sept 3: Spot rubber prices decline

Market on Sept 3: Spot rubber prices decline
September 4, 2011




KOTTAYAM, SEPT. 3:
Domestic rubber prices declined on Saturday.

In spot, the market lost ground following the weak closing on the National Multi Commodity Exchange (NMCE).

The September series weakened to Rs 216.36 (219.06), October to Rs 212.72 (216.75), November to Rs 212.35 (216.01), December to Rs 213.75 (216.38), January to Rs 216.50 (218.07) and February to Rs 216.90 (218.80) a kg for RSS 4 on the NMCE.

Spot rates were (Rs/kg): RSS-4: 214.50 (217); RSS-5: 206 (209); ungraded: 200 (202); ISNR 20: 210 (210) and latex 60 per cent: 133 (133.50).





NYMEX-Crude dips as jobs data fuels recession fears
September 3, 2011





* US August nonfarm payrolls flat, stokes demand worry

* Gulf Coast weather watch shifts to potential flooding

* CFTC: US crude specs raise net longs in week to Aug 30

* Coming up: US August ISM non-manufacturing data, Tuesday

NEW YORK, Sept 2 (Reuters) – U.S. crude futures ended lower on Friday ahead of the Labor Day holiday weekend as a bleak jobs report stoked recession worries, outweighing production shut-ins in the Gulf of Mexico as Tropical Storm Lee formed near the Louisiana coast.

Crude oil futures moved lower with Wall Street, and bellwether commodities such as copper, though gold rose on safe-haven buying due to the disappointing jobs report.

Tropical Storm Lee threatened offshore energy platforms and refineries along the Louisiana coast with heavy rains and flooding. [ID:nN1E7810KA]

Major oil and natural gas producers and pipeline operators have already evacuated personnel and shut in production at platforms in the Gulf.

As of midday Friday, 666,321 barrels per day, or 47.6 percent of U.S. Gulf oil production had been shut. In addition, 1.743 billion cubic feet per day of natural gas output, or 33 percent of Gulf gas production had also been shut.

For a FACTBOX on storm-related developments in the U.S. Gulf, see [ID:nN1E781OTM]

Trading was choppy for most of the week, with prices gaining $3.56, or 4.2 percent, in four previous sessions. Support came from storm fears, a sharp decline in U.S. gasoline inventories and hopes that the U.S. Federal Reserve would provide new stimulus to help sustain economic recovery.

U.S. President Barack Obama will address a joint session of Congress next Thursday on ways to increase job creation and speed up economic growth. For details, see [ID:nWNA7806]

FUNDAMENTALS

* On the New York Mercantile Exchange, crude for October delivery CLV1 settled at $86.45 a barrel, falling $2.48, or 2.79 percent, after trading from $85.42 to $88.99.

* For the week, front-month crude rose $1.08, or 1.27 percent, from the $85.37 close on Aug. 26 and extended gains to a second straight week.

* In London, ICE Brent for October delivery LCOV1 settled at $112.33 a barrel, falling $1.96, or 1.71 percent, after trading between $111.36 to $114.58.

* For the week front-month Brent gained 97 cents, or 0.87 percent, from the $111.36 settlement on Aug. 26, gaining for the third straight week.

* Brent crude’s premium against U.S. crude widened to a record $26.98, erasing the previous high of $26.69 hit on Aug. 19. At the close, the premium stood at $25.88. CL=LCO1=R>

* NYMEX October heating oil HOV1 ended lower and for the week dropped 1.27 cents, or 0.42 percent, after gaining two previous weeks.

* NYMEX October RBOB RBV1 settled lower and for the week fell 9.5 cents, or 3.24 percent, snapping three weeks of gains.

* Speculators raised their net long futures and options positions in U.S. crude by 18,422 positions, or 12 percent, to 161,617, the biggest percentage rise since June, the U.S. Commodity Futures Trading Commission said. [ID:nEMS0D41HN]

* U.S. nonfarm payrolls were unchanged last month and employers created a combined 58,000 fewer jobs than earlier reported in June and July, the Labor Department said. The unemployment rate remained at 9.1 percent.[ID:nOAT004865]

* Russia is likely to increase its crude oil exports via the Baltic Sea ports in 2012 by 40 percent to around 100 million tonnes. [ID:nL5E7K22AE]

* Libya is counting on quickly restoring production to revive its economy, and five international oil firms are already back and working to resume operations.