Rubber gains on China economic optimism
ERJ staff report (BC)
London – Bloomberg News reported rubber rising to a seven-week high after Chinese Premier Li Keqiang said the nation’s economy will grow by at least 7 percent in 2013, boosting speculation that demand for the commodity will gain in the world's biggest consumer.
Rubber for delivery in December on the Tokyo Commodity Exchange settled at 256.30 yen (€1.93) per kilogramme, the highest for the most-active contract since 5 June.
Futures have lost 15 percent this year. In Shanghai, the November contract fetched 17.6 yuan (€2.17).
Rubber imports by China slumped 21 percent to 130 000 tonnes in June from a year earlier, according to the customs agency. Inventories climbed 1025 tonnes to 115 255 tonnes, the Shanghai Futures Exchange said on 19 July, based on a survey of nine warehouses. TSR20 rubber on the September contract settled on 23July at 2.26 Singapore dollars (€1.34). India's NMCE ticker showed September futures at 181.47 rupees (€2.30).