Asian rubber futures settled mostly lower Friday, as the Federal Reserve's 25-basis-point discount rate hike helped the dollar to strengthen, which in turn pushed commodities markets broadly lower.
The benchmark Tocom July RSS3 rubber contract settled Y1.2 lower at Y294.6 a kilogram, reversing earlier gains made when investors reacted to a weaker yen versus dollar to exit U.S.
But once crude oil prices--that had been buoyed by news of product inventory draws--started to fall in response to the Fed discount rate hike, Tocom rubber followed suit.
Buyers also booked profits and liquidated positions as they looked toward the opening of the Shanghai Futures Exchange next week for clearer direction, traders said.
The SHFE's "performance will be an indication of Chinese demand this year," said a trader inTokyo
The benchmark September contract on the Agricultural Futures Exchange of Thailand settled THB0.35 lower at THB105.05/kg, with traders cautious before the Shanghai
Traders are "waiting to see if Chinese markets next week will take a hit from the central bank's announcement (late) last Friday about raising the reserve requirement ratio for banks," said a Thailand-based trader.
Meanwhile, prices on Tocom gained in the night session, with the July contract settling at Y296/kg. Night session prices aren't included in intraday trading.
In the physical market, daily arrivals of USS3 raw material in the three central markets ofThailand
But, processed physical rubber mostly fell Friday, taking cues from futures prices.
The return of Chinese traders after a weeklong holiday could support physical prices next week.
"Some Chinese are already back at work today as there is more demand than supply in the automobile market," said a Singapore-based trader.
(Source: irco.biz)
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