3 Oct 2022
Commodity trades lower in Osaka but increases noted on Chinese SHFE and INE exchanges
Tokyo – Rubber futures in Far East markets closed with no clear directions, under moderate transactions, during the trading week ended 30 Sept.
In Japan, Osaka’s RSS dropped 1.0% with relatively active trading compared to the previous week, said a weekly natural rubber (NR) update by Japan Stock Exchange (JPX) 3 Oct.
In China, SHFE and INE prices increased 0.2% and 2.0%, respectively, under large liquidation of positions ahead of the long Golden Week holidays.
“The open interest of SHFE fell by 23,000 contracts, and that of INE dropped by 11,000,” said the JPX report.
In Singapore, SICOM futures were up by 1.5% with moderate trading activities.
During the week, China reported a surprisingly strong manufacturing PMI of 50.1 for the month of September, potentially prompted by an additional economic stimulus package, expected to be announced 20 Oct.
“The expectations about the [stimulus package at the] forthcoming 20th CPC conference might have prompted speculative buying and short covering in the market,” said the JPX report.
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