Khoi Nguyen

Rubber

  • Home
  • About us
  • Products
  • Packing
  • News
    • Global rubber market news
    • Global rubber prices reports
  • Prices list updates
    • World rubber prices
    • Vietnam rubber prices
  • Contact us

TOCOM rubber rebounds from 1½-week low on firmer Tokyo stocks

28/06/2016 By adminweb

TOKYO (June 27): Benchmark Tokyo rubber futures rebounded on Monday, as higher Tokyo stocks helped investors boost risk appetite and as traders looked for bargains after a dip to a 1½-week low on Friday following Britain’s vote to leave the European Union.

The Tokyo Commodity Exchange (TOCOM) new rubber contract for December delivery <0#2JRU:> finished at 154.1 yen (US$1.51) per kg, up 4.5 yen, or 3.0%, from its opening price of 149.6 yen.

The TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, plunged to a 1½-week low on Friday after Britain voted to leave the EU, triggering a surge in the safe-haven yen and a dive in oil prices.

“A flurry of buyback kicked in after a strong gain in the Nikkei index which underlined a recovery in risk appetite,” said Toshitaka Tazawa, analyst at Fujitomi Co.

Japan’s Nikkei share average recouped some of last week’s steep declines on Monday, as government officials stepped up warnings that they may intervene in currency markets to stabilise the yen after Britain voted to leave the EU.

Oil prices stabilised on Monday as market participants better absorbed the shock of last week’s vote in Great Britain to leave the EU and recognised the referendum would have little effect on global fuel demand.

“I expect the market’s focus will shift back to China this week,” Tazawa said.

Profits of Chinese industrial companies rose 3.7% in May from a year earlier, slowing from April’s pace and adding to concerns that the world’s second-largest economy may be losing some momentum.

Still, the most-active rubber contract on the Shanghai futures exchange for September delivery, soared 310 yuan to finish at 11,270 yuan (US$1,697.26) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for July delivery last traded at 132.0 US cents per kg, up 3.7 cents.

(US$1 = 6.6401 Chinese yuan)
(US$1 = 102.0600 yen)

Filed Under: Global rubber market news, News

NEWS

Vietnam: F.O.B SVR Physical Prices: March 7, 2017

India: Rubber may remain bearish this week

Fall in rubber price may reflect in domestic market in India

TOCOM rubber hits near 16-month high on weak yen

Vietnam: F.O.B SVR physical prices: November 15, 2016

TOCOM rubber ends up on worries over shortage, weaker yen

Asian physical rubber prices: November 14, 2016

TOCOM rubber tumbles 3.8 pct after touching near 16-mth high

Thailand: Natural Rubber prices: November 11, 2016

TOCOM rubber heads for biggest weekly gain since 2013

Vietnam: F.O.B SVR physical prices: November 11, 2016

TOCOM rubber hits 15-month high on weak yen, firm Shanghai

Indonesia: Natural Rubber Prices on November 10, 2016

Tokyo rubber futures rise to near 6-1/2 month high

Asian physical rubber prices: November 9, 2016

© 2001–2021 Copyright by KHOI NGUYEN. Designed by SGC

  • Home
  • About us
  • Products
  • Packing
  • News
    ▼
    • Global rubber market news
    • Global rubber prices reports
  • Prices list updates
    ▼
    • World rubber prices
    • Vietnam rubber prices
  • Contact us