7 May 2024
Markets in Japan and China report mixed pricing picture as trade slows during May holidays
Tokyo – Natural rubber (NR) futures remained stable with slight pricing changes across major markets in China and Japan during the trading week ended 3 May.
Markets, generally, displayed a “mixed performance” amid quiet trading, due in part to long holidays in Japan and China, reported Japan Exchange Group (JPX) 6 May.
In Osaka, Japan, OSE rubber futures dropped 0.9% in light trading volume, primarily driven by “some position squaring,” said JPX.
Meanwhile, on China’s SHFE and INE exchanges rubber futures rose by 0.5% and 1.7%, respectively, albeit with low trading volumes.
In Singapore, SICOM rubber futures gained 0.9% in “very quiet trading”, with some fresh buying observed.
According to JPX, during the last trading week, rubber futures prices “reached levels prompting arbitrage buying and renewed consumer demand.”
In related news, JPX noted a decline in crude oil prices on weaker demand, closing at $77.99/barrel, with OPEC+ anticipated to maintain production at its current level of 2.2 million barrels/day.
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