Asian rubber futures drifted mostly lower in thin, rangebound trade Thursday, with weaker crude oil prices damping buying interest.
On Tocom, rubber futures settled marginally lower in thin, rangebound trade, with the market in need of fresh incentives.
A late decline in crude oil prices also weighed on sentiment, though rubber is expected to remain in a general uptrend in coming sessions, with physical demand relatively healthy, participants said.
Tocom's benchmark April RSS3 contract settled Y0.6 lower at Y227.8 a kilogram.
On C-Com, rubber futures settled with most contracts unchanged except the benchmark, which settled lower. Just one lot, or five tons, was traded. As such, today's settlement prices of non-traded contracts were set by the exchange for guidance only.
On the Shanghai Futures Exchange, rubber futures eased 0.8%, tracking generally tepid trade across Chinese asset classes.
"Domestic markets have been generally listless these couple of weeks as other external markets are strengthening, though it's not quite clear why. Rubber's doing the same thing," said Lin Hui of Orient Securities.
Mild strengthening in the dollar today contributed to commodity weakness though traders appear to be generally holding on to positions.
On Sicom, rubber settled mostly lower, in line with similar declines in other markets.
RSS3 futures on the Agricultural Futures Exchange of Thailand settled with most contracts unchanged, but the benchmark June contract ended marginally lower in another thin, lackluster day's trade with just 193 lots done.
Similar rangebound movements on the bellwether Tocom and the decline in crude oil prices weighed on sentiment.
Asian cash rubber prices were marginally lower, pressured by weaker futures.
"The markets have been pretty quiet, with both buyers and sellers on the sidelines because of rangebound futures, though there was some buying interest from local dealers and China-based tire makers," said a trader in Singapore.
(irco.biz)
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