Rubber futures dip ahead of Chinese new year
Prices largely stayed within a narrow range, according to Japan Exchange Group
Tokyo – Natural rubber (NR) futures closed the week with slight declines across major exchanges, according to Japan Exchange Group (JPX).
Prices largely stayed within a narrow range as traders readied for the Chinese new year holidays.
OSE futures dropped 1.7%, driven by new speculative selling amid moderate trading volume.
In China, meanwhile, SHFE and INE futures saw slight fluctuations amidst a sharp decline in trading volume.
Open interest, said JPX in a 12 Feb report, declined across the Chinese markets “significantly, due to position liquidation.”
Singapore’s SICOM futures also posted marginal decreases within a tight trading range, influenced by "light long-liquidation".
Recapping the latest industry developments, the JPX report noted a US court case against top tire makers, including Goodyear, Michelin, Bridgestone, and Continental for alleged price-fixing.
The case follows an investigation launched earlier by the European Commission into the possible price-fixing activities of the tire makers.
In NR-related news, Malaysia reported a 1.1% decrease in rubber production in December, with a total of 30,342 tonnes.
In global financial markets, JPX reported that China's regulator, CSRC, had implemented a ban on short-selling and securities lending following a steep decline in the stock market.
The stock market, which had hit a five-year low, erasing $7,500 billion (€7,000 billion) in market capitalisation, has now “staged a strong recovery after the recent government intervention,” JPX added.