TOCOM at 1-1/2-week low on weak crude, slow China car sales
2018-12-11 20:09:34Editor：AmandaFont Size：Big Medium Small
Benchmark Tokyo rubber futures slipped to a 1-1/2-week low on Tuesday, weighed down by weaker oil prices and concerns over slowing car sales in top buyer China.
Oil prices were pressured amid worries over global stock markets and doubts that planned output cuts led by producer club OPEC will be enough to rein in oversupply.
“The recent OPEC agreement was not good enough to bolster oil prices and that has put pressure on overall commodities including rubber,” said Satoru Yoshida, a commodity analyst with Rakuten Securities.
The Tokyo Commodity Exchange (TOCOM) rubber contract for May delivery finished 0.1 yen lower at 161.4 yen ($1.43) per kg.
Reuters
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