ERJ staff report (LMH)
Bangkok – Asian rubber settled higher Tuesday after the Chinese government signalled at the opening of its annual legislative session that economic growth will likely be steady this year, according to a report on the International Rubber Consortium (IRCo).
Benchmark August natural rubber futures on the Tokyo Commodity Exchange settled 1.3 percent higher at Yen 287.5 a kilogram following bargain hunting, as supply is tightening with the start of the low-production season, traders were reported as saying. Due to global macroeconomic uncertainty, any uplift is limited.
IRCo chief secretary Yium Tavarolit said external factors will be key to the rubber price outlook this week. August Tocom rubber closed Yen 1.7 higher at Yen 289.2/kg in the night session, which is considered part of the next trading day.
Physical rubber prices were also higher due to tight supply. Trade in Thailand was slow as raw material prices were high, translating into unattractive offers for buyers, the report said.
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Article from the IRCo.