15 Jan 2024
Chinese markets close lower week-on-week but trader sentiment remains strong in Singapore, Japan...
Tokyo – Natural rubber (NR) futures closed the trading week ended 12 Jan mixed across major rubber exchanges, according to Japan Exchange Group (JPX).
In Japan and Singapore, OSE and SICOM prices closed “firmer”, driven by strong physical buying, while China’s SHFE and INE prices were lower week-on-week.
The “market tone”, said JPX 15 Jan, remained strong as consumers reportedly paid 10-12 cents/kg above SICOM TSR20 in the front-month before the Chinese New Year holiday.
In China, SHFE and INE prices decreased due to “weaker economic data and declining equity markets”, said JPX, noting “a yearly low” in the Chinese equity market the week before.
On a brighter note, it said China experienced an uptick in vehicle sales, recording a 12% increase in 2023 to 30.1 million units.
The surge in sales was attributed to a significant increase in electric vehicles exports from China, according to the Japanese group's review.
Elsewhere, JPX reported supply-side issues with a 6.9% decline in Malaysia's natural rubber production in November to 30,669 tonnes.
Meanwhile, the group noted a surge in crude oil prices, at one point reaching $75.25 per barrel, following joint US and UK military action in Yemen.
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