Rubber surges
Benchmark Tokyo rubber futures hit a near 4-week high on Friday, gaining more than two percent on the week, taking a cue from Tokyo stocks that jumped nearly 6 percent after a hint of more monetary policy support from the European Central Bank. The Tokyo Commodity Exchange (TOCOM) rubber contract for June delivery finished 4.8 yen, or 3.1 percent, higher at 161.3 yen ($1.37) per kg, after hitting a high of 162.0 yen, the highest since December 28, 2015.
The TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, marked a 2.3 percent gain for the week. The most-active rubber contract on the Shanghai futures exchange for May delivery rose 155 yuan to finish at 10,385 yuan ($1,578.48) per tonne. The front-month rubber contract on Singapore's SICOM exchange for February delivery last traded at 110.0 US cents per kg, up 1.2 cent.
- 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
