8 Jan 2024
JPX notes lower week-on-week closing prices with exception of marginal uptick on Japan’s Osaka exchange
Tokyo – Natural rubber (NR) futures concluded the first trading week of 2024 with a slight downturn across most major exchanges, according to Japan Exchange Group (JPX).
While NR futures on Japan's Osaka exchange experienced a marginal uptick, other rubber exchanges reported lower week-on-week closing prices for the trading week ended 5 Jan.
JPX linked the trend to uncertainties regarding the Chinese economy, “which is grappling with ongoing challenges in its recovery, coupled with signs of weakening economic data.”
China's PMI for December came in well below market expectations, while traders were also unsettled by a bankruptcy filing by a major Beijing-based wealth management firm involved in the property market.
Also impacting the industry is Malaysia’s “severe labour shortage”, requiring 80,000 workers for its 420,000 hectares of rubber plantation, said JPX, citing comments by the country’s minister of plantation, Johari Abdul Ghani.
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