27-03-2024
Japanese rubber futures edged up for a second straight session today amid weather concerns in top producer Thailand and a weaker yen, while strong manufacturing data in the U.S. also bolstered investor sentiment.
The Osaka September delivery was up 2.7 yen, while The SHFE May delivery was down 115 yuan.
Thailand’s meteorological agency warned of severe weather conditions in upper Thailand from March 26-27, potentially causing crop damage.
The Japanese yen weakened to a 34-year low 0.14% to 151.76 against the dollar and Nikkei average opened 0.29% higher.
The drop in rubber prices last week was mainly because the big dealers and traders were taking their profits,not because there was an increase in production.
With the industrial sector needing more sheet rubber, many countries that produce rubber are now converting latex into rubber sheets.
Experts say that The international market will still have a shortage of rubber until September, and prices will stay high.
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