Asian rubber futures settled higher Wednesday on technical buying but weak demand and high inventories capped gains, said trade participants.
China's natural rubber imports fell 38% on month to 100,000 metric tons, according to the government's preliminary data.
Prices have been hovering around Y230 a kilogram in the last few days.
The International Rubber Consortium won't resume export controls during its meeting later this month, as prices are reasonable, said its chief executive, Abdul Rasip Latiff.
"If prices continue to be around current levels, there's no need to impose export restrictions," Abdul Rasip told Dow Jones Newswires.
Physical prices of the USS3 grade raw material in the central markets of Thailand eased slightly below THB75/kg as arrivals improved but the overall outlook remains positive.
The benchmark Tocom RSS3 April contract settled Y1.3 higher at Y230.6/kg.
Prices rose further in the night session and the April contract ended at Y232.7/kg. Night session prices aren't included in intraday trading.
"Demand is strong in Japan, Europe and the Americas but China is the largest buyer and its lower purchases are preventing any further rise in prices," said an analyst in Singapore.
Tocom rubber futures rose to a one-year high of Y235.7/kg Oct. 23 but have failed to touch that level again.
"Large (rubber) stockpiles in warehouses and weak demand for Chinese tires in the U.S. are beginning to have an impact," said a Singapore-based trading executive.
China's natural rubber stocks in warehouses have almost trebled since late June to around 120,000 tons. Synthetic rubber imports are also down, estimated 30% lower on month at 109,013 tons in October.
The benchmark March contract on the Shanghai Futures Exchange settled CNY130 higher at CNY19,735/ton. China is the world's largest consumer of rubber by volume.
On the Agricultural Futures Exchange of Thailand, the benchmark June RSS3 contract settled THB1.15 higher at THB81.85/kg.
Asian physical prices were slightly lower but held steady above $2.40/kg. "Demand has eased at current (price) levels because some buyers consider it too high," said an exporter in Singapore.
China's natural rubber imports fell 38% on month to 100,000 metric tons, according to the government's preliminary data.
Prices have been hovering around Y230 a kilogram in the last few days.
The International Rubber Consortium won't resume export controls during its meeting later this month, as prices are reasonable, said its chief executive, Abdul Rasip Latiff.
"If prices continue to be around current levels, there's no need to impose export restrictions," Abdul Rasip told Dow Jones Newswires.
Physical prices of the USS3 grade raw material in the central markets of Thailand eased slightly below THB75/kg as arrivals improved but the overall outlook remains positive.
The benchmark Tocom RSS3 April contract settled Y1.3 higher at Y230.6/kg.
Prices rose further in the night session and the April contract ended at Y232.7/kg. Night session prices aren't included in intraday trading.
"Demand is strong in Japan, Europe and the Americas but China is the largest buyer and its lower purchases are preventing any further rise in prices," said an analyst in Singapore.
Tocom rubber futures rose to a one-year high of Y235.7/kg Oct. 23 but have failed to touch that level again.
"Large (rubber) stockpiles in warehouses and weak demand for Chinese tires in the U.S. are beginning to have an impact," said a Singapore-based trading executive.
China's natural rubber stocks in warehouses have almost trebled since late June to around 120,000 tons. Synthetic rubber imports are also down, estimated 30% lower on month at 109,013 tons in October.
The benchmark March contract on the Shanghai Futures Exchange settled CNY130 higher at CNY19,735/ton. China is the world's largest consumer of rubber by volume.
On the Agricultural Futures Exchange of Thailand, the benchmark June RSS3 contract settled THB1.15 higher at THB81.85/kg.
Asian physical prices were slightly lower but held steady above $2.40/kg. "Demand has eased at current (price) levels because some buyers consider it too high," said an exporter in Singapore.
(Source: http://irco.biz)
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