Asian Rubber Futures End Higher, Paring Losses
Rubber prices pared losses earlier in the week, supported by an improvement in global crude-oil prices.
"The improvement in rubber prices has ignited investor sentiment and prompted some fresh buying," said a Tokyo-based trader. But the gain might be "short-lived" as worries about slowing demand in China, the world's second-biggest economy, are expected to persist, he said.
In other news, India's rubber production dropped 16% to 377,000 metric tons between April and November from a year ago, hurt by weaker prices, according to the United Planters' Association of India.
Rubber production in India has been slumping for the past few months "due to rising production costs that [are] putting pressure on prices," according to the association.
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- Tireworld Insight: Rubber futures to test near-term resistance at 15,000 yuan/tonne
- Tireworld Insight: China’s tire industry on track of rapid growth
