Asian rubber futures settled mostly higher Friday on concerns the ongoing rains in major growing regions will continue to affect supplies for the next few weeks.
Physical prices of the USS3 grade raw material in the central markets of Thailand rose above THB76 a kilogram due to limited availability of the raw material. Factories are even paying THB77.5/kg outside the central market.
However, lower crude oil futures overnight and technical selling weighed on trading in Tokyo.
The benchmark Tocom RSS3 April contract settled Y2.1 lower at Y235.2/kg.
Prices recovered during the night session and the April contract ended at Y237.6/kg. Night session prices aren't included in intraday trading.
Traders said prices may even rise towards Y240/kg.
"Overall fundamentals are strong and it is due to weaker crude that investors have liquidated positions," said a broker in Tokyo.
Nymex light, sweet crude for December delivery settled $2.34 or 3% lower Thursday at $76.94 a barrel, its lowest settlement since Oct. 14.
Japan's natural rubber imports are estimated at 46,383 metric tons in September, up from 43,149 tons in the previous month, according to data issued by the Rubber Trade Association of Japan.
The association didn't give any reason for the rise in imports but traders said the sharp fall in inventories in the last few months may have led to increased buying.
The rise in imports was mainly due to higher purchases of the RSS grade, which rose to 10,823 tons from 6,828 tons in August. Most of the RSS grade imports were from Thailand.
A bulk of the imports in September comprised the TSR grade at 33,133 tons, including 23,036 tons from Indonesia, but little changed from August.
The benchmark March contract on the Shanghai Futures Exchange settled CNY270 higher at CNY20,635/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 THB0.25 higher at THB83.15/kg.
Asian physical prices were higher in line with the gains in raw material prices. "We have raised our prices because the availability of raw material is tight and the cost of production needs to be met," said an executive at a Thailand-based processing company. Demand has eased due to the rise in prices, added an exporter in Singapore.
Physical prices of the USS3 grade raw material in the central markets of Thailand rose above THB76 a kilogram due to limited availability of the raw material. Factories are even paying THB77.5/kg outside the central market.
However, lower crude oil futures overnight and technical selling weighed on trading in Tokyo.
The benchmark Tocom RSS3 April contract settled Y2.1 lower at Y235.2/kg.
Prices recovered during the night session and the April contract ended at Y237.6/kg. Night session prices aren't included in intraday trading.
Traders said prices may even rise towards Y240/kg.
"Overall fundamentals are strong and it is due to weaker crude that investors have liquidated positions," said a broker in Tokyo.
Nymex light, sweet crude for December delivery settled $2.34 or 3% lower Thursday at $76.94 a barrel, its lowest settlement since Oct. 14.
Japan's natural rubber imports are estimated at 46,383 metric tons in September, up from 43,149 tons in the previous month, according to data issued by the Rubber Trade Association of Japan.
The association didn't give any reason for the rise in imports but traders said the sharp fall in inventories in the last few months may have led to increased buying.
The rise in imports was mainly due to higher purchases of the RSS grade, which rose to 10,823 tons from 6,828 tons in August. Most of the RSS grade imports were from Thailand.
A bulk of the imports in September comprised the TSR grade at 33,133 tons, including 23,036 tons from Indonesia, but little changed from August.
The benchmark March contract on the Shanghai Futures Exchange settled CNY270 higher at CNY20,635/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 THB0.25 higher at THB83.15/kg.
Asian physical prices were higher in line with the gains in raw material prices. "We have raised our prices because the availability of raw material is tight and the cost of production needs to be met," said an executive at a Thailand-based processing company. Demand has eased due to the rise in prices, added an exporter in Singapore.
(Source: http://irco.biz)
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