Tokyo rubber futures ended up 3.5 percent on Tuesday
Benchmark Tokyo rubber futures ended up 3.5 percent on Tuesday, marking their biggest daily percentage gain since December 30, 2014 after hitting a two-week high earlier in the session, bolstered by a weaker yen against the dollar. However, weak market fundamentals were seen little changed amid worries over demand in Asia, especially in China amid a slowing economy, dealers said.
China has reduced its natural and synthetic rubber imports by nearly 18 percent in the first three months of the year. The Tokyo Commodity Exchange rubber contract for September delivery finished 6.9 yen higher at 203.4 yen per kg. It earlier rose as high as 203.9 yen, the highest since April 6.
TOCOM strength also helped push regional futures higher. The most-active rubber contract on the Shanghai futures exchange for September delivery rose 475 yuan to finish at 13,230 yuan per tonne. The front-month rubber contract on Singapore’s SICOM exchange for May delivery last traded at 139.8 US cents per kg, up 1.8 cent.
Related Article
- Auto Shanghai 2015: Continental Presents Customized Solutions to Support Chinese Dream
- Imports of Automobiles in China Shanghai Customs District Has Decreased for Three Months
- China Auto plans tyre recycling JV with Sri Elastomers
- Hainan Rubber posts 110 mln yuan of deficit in Q1
- Chinese imports rising in Europe
- Tireworld Insight: Domestic tire makers eye overseas expansion
- Tireworld Insight: Price disparity severe between China's rubber exports and imports
- Tireworld Insight: China tire exports dependent on US market performance
- Tireworld Insight: SHFE rubber expected to move in tight range in short-term
- 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
