8 Aug 2022
Speculative selling in China led to “bearish market sentiment” and lowered prices elsewhere
Tokyo - After prior-week signs of recovery, world rubber futures closed the trading week to 5 Aug lower across all major exchanges, according to Japan’s JPX trading platform.
In China, “fresh speculative selling at SHFE and INE gave bearish market sentiment” and lowered prices in Osaka (OSE) and Singapore (SICOM), the exchange reported.
Trading was also impacted by concerns over US house speaker Nancy Pelosi's visit to Taiwan, which caused high tension across the region.
The weaker China's manufacturing data for July and sluggish vehicle sales in Japan added further to downside pressures, noted JPX.
The net effect was a 4% decline in OSE futures, while SHFE and INE futures dropped by 1.7% and 2.7%, respectively. SICOM futures closed 1.7% lower.
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
Already a subscriber? Log in here
