13 Nov 2023
Mixed signals from Far East markets reflect “uncertain and directionless trading...”
Tokyo – Natural rubber (NR) futures closed the trading week ended 10 Nov with mixed results amid “uncertain and directionless trading”, Japanese Stock Exchange (JPX) hes reported.
Rubber prices closed higher in major exchanges except for China’s INE market, according to the latest JPX trading report issued 13 Nov.
In Osaka, Japan, OSE’s new active rubber futures for April delivery rose 2.3% week-on-week amid subdued trading, influenced by a weakening Japanese Yen.
In China, Shanghai’s SHFE futures closed marginally higher, seeing increased trading volume supported by fresh buying, while INE futures lost 1.8% with fresh light selling.
Singapore’s SICOM rubber futures registered a 0.7% week-on-week increase, driven by “fresh speculative and physical arbitrage buying”.
According to JPX, the recent rubber price rallies have been stalled due to “growing concerns” about China's economic recovery, potentially leading to slower demand for rubber.
Furthermore, WTI crude oil hit a weekly low of $74.91, driven by concerns about high inventory levels and indicating reduced oil demand.
Selected NR futures price trends on major trading exchanges
|
Exchange |
Commodity |
Delivery |
Week to 03/11 |
Week to 10/11 |
% Change |
|
Osaka |
RSS3 |
April ‘24 |
258.6 (JPY) |
264.7 (JPY) |
+2.3% |
|
SHFE |
SCR/RSS |
Jan ‘24 |
14,260 (CYN) |
14,295 (CYN) |
0.0% |
|
INE |
TSR |
Jan ‘24 |
10,880 (CYN) |
10,685 (CYN) |
-1.8% |
|
SICOM |
TSR20 |
Feb ‘24 |
146.3 (US$c) |
147.3 (US$c) |
+0.7% |
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