Skip to main content
Sister Publication Links
  • Rubber & Plastics News
Subscribe
  • My Account
  • LogIn
  • News
  • Technology Focus
    • Features
    • Technical Papers
    • Analysis: Rubber mixing plants of the future
      Analysis: US probes dumping by ESBR suppliers
      Opinion: Tire labels stuck in a rut
      Analysis: NR pricing takes one step forward, two steps back
    • White paper: Role of tire innerliners in improving 'in-use rolling resistance'
      White paper: Why tire air retention matters now more than ever
      Nippon Soda: Use of 1,2-polybutadiene in CSM rubber applications
      Elastomers for Sustainability Top 10
  • Events
    • ERJ Events
    • ERJ Livestreams & Webinars
    • Industry Events
    • Journey to Automation Awards 2020
      Sustainability: Top 10 E4S projects table
  • Maps & Reports
  • People
  • Directory
  • Digital Edition
  • Brainiac
MENU
Breadcrumb
  1. Home
  2. News
December 05, 2013 12:00 AM

Rubber swings as investors weigh China interest against yen gain

ERJ Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    ERJ staff report (TP)

    Tokyo − Rubber prices swung in Tokyo amid speculation that China may step up purchases for its state reserves while the stronger Japanese currency reduced the appeal of yen-based futures, reported Aya Takada for Bloomberg.

    The contract for delivery in May on the Tokyo Commodity Exchange traded little changed at 274.6 yen (€1.97) a kg at 11:31 am (Japan time, 5 December) after advancing as much as 1.1 percent and falling 0.4 percent. Futures settled at 275.3 yen (€1.98) on 2 December, the highest level in two months.

    China, the world’s largest consumer of the commodity, may increase government inventories this week to support farmers and mop up oversupply after local prices slumped, according to Orient Futures Co. The yen appreciated to 102.16 per dollar after a report yesterday showed the US added more jobs than analysts predicted last month, raising speculation the Federal Reserve may bring forward cuts to stimulus.

    “A rally in rubber futures took a breather as it lost support from the currency market,” said Kazuhiko Saito, an analyst at broker Fujitomi Co. in Tokyo. “There were no aggressive sellers as speculation of Chinese buying remains.”

    Officials from the State Reserve Bureau meet in Beijing today (5 December) with executives from Sinochem International Corp., China Hainan Rubber Industry Group Co. and Yunnan State Farms Group Co., the three biggest domestic suppliers, said Yan Xinbing, an analyst at Orient Futures, citing talks with the companies. The bureau bought about 100,000 tonnes in the past month from the suppliers, Yang said.

    Futures for May delivery on the Shanghai Futures Exchange lost 0.3 percent to 19,555 yuan (€2,360) a tonne. Thai rubber free-on-board was unchanged at 81.95 baht (€1.86) a kg yesterday (4 December), according to the Rubber Research Institute of Thailand.


    This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

    Full story from Bloomberg

    RECOMMENDED FOR YOU
    ETRMA: European tire sector needs recovery from “very difficult” 2020
    ETRMA: European tire sector needs recovery from “very difficult” 2020
    Conti manufacturing tires with new HL load index code
    Conti manufacturing tires with new HL load index code
    Audia Elastomers advances new range of “sustainable” TPEs
    Audia Elastomers advances new range of “sustainable” TPEs
    Free Newsletters

    Breaking news and in-depth coverage of essential topics delivered straight to your inbox.

    Subscribe today

    Get the latest news impacting the European rubber industry, from breaking news to razor-sharp analysis, in print and online.

    Subscribe now
    Connect with Us
    • LinkedIn
    • Twitter
    • Youtube

    Logo
    Contact Us

    @ 2019 European Rubber Journal. All rights reserved.
    Contact Us European Rubber Journal, Crain Communication LTD, Ground Floor 11 Ironmonger Lane, London EC2V 8EY, UK

    Customer Service:
    1-313-446-0450

    Resources
    • About us
    • Contact Us
    • Staff
    • Advertise with Us
    • Media Kit
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
    • Technology Focus
      • Features
      • Technical Papers
    • Events
      • ERJ Events
      • ERJ Livestreams & Webinars
      • Industry Events
    • Maps & Reports
    • People
    • Directory
    • Digital Edition
    • Brainiac