16 Jun 2022
Traders uncertain following reimposition of mass-testing and lockdowns in Beijing, Shanghai
Osaka, Japan – Rubber futures prices closed last week mixed in major rubber exchanges as Covid-19 cases reappeared in China.
According to the latest rubber weekly report by JPX, prices were higher early in the week to 13 June but fell back in response to the news of Covid-19 resurfacing in China.
According to JPX, gains were pegged back by concerns over moves by Chinese authorities to reimpose mass-testing and lockdowns in Beijing and Shanghai.
Nevertheless, Osaka rubber futures closed 1.6% higher in active trading "even though some profit-taking occurred in the market," said the JPX report.
Both China-based SHFE and INE exhanges closed in positive territory, with heavy transactions in Shanghai linked to new speculative buying, while 'short covering' was seen at INE.
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