October average RSS3 price announced by Central Rubber Market in Songkhla stood at 52.06 Baht/kg, down 6.7 % from September due to the following factors. Rubber price is affected by consistent local oversupply, coupled with purchasing deceleration of entrepreneurs and appreciation of Thai baht. The coming week should be filled with high drama for markets as President Donald Trump is expected to name a new Fed chair, and Congress is set to unveil much-anticipated tax reform legislation. However, certain positive factors supported rubber price against further slump. Top oil producers Saudi Arabia and Russia want to extend their agreement to limit petroleum production until the end of 2018 in their continuing effort to cut the global oil oversupply. Weekly average crude oil price at Cushing, Oklahoma improved from 50.21 in the first week of October to 51.27 and 51.71 dollar per barrel in the 2nd and 3rd week respectively. China reported third-quarter growth data that met expectations, but was slightly lower than the second quarter's 6.9 percent expansion. China's GDP expanded 6.9 % yoy in the first three quarters of 2017 to 59.3288 trillion yuan (about 8.9614 trillion U.S. dollars). China's September industrial production expanded 6.6% yoy, beating the expectation at 6.5%. YTD industrial production expanded 6.7% yoy, from 6% last year.
In September, Thailand exported 310,241 tons of natural rubber (including compound rubber), down 5.03 % from August, up 4.59% yoy, generating export income of US$ 470.27 million, down 3.73 % from August, up 20.72 % yoy. Overall, during January to September Thai NR exports (including compound rubber) reached 2,729,169 tons, down 3.49 % yoy. The YTD export value touched US$ 4.80 billion, up 42.68 % yoy.
In tyre sector, in September Thailand exported 10.75 million units of all tyres, up 14.05 % yoy, with the export value of US$ 384.90 million, up 22.11 % yoy. Overall, during January to September Thai exports of all tyres reached 93.07 million units, up 10.7 % yoy, generating export income of US$ 3.24 billion, up 22.31 % yoy.
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