11-06-2024
Rubber News For Today
11-06-2024
Japanese rubber futures edged down Today on profit taking in view of heightened uncertainty on rubber yields and top consumer China’s stockpiling decisions. Higher oil prices and a weaker yen limited losses.
The Osaka Exchange November delivery was down 5.5 yen, or 1.54%, and (SHFE) September delivery reopened after the Dragon Boat Festival holidays and was down 115 yuan, or 0.73%.
Attention should be paid to China’s stockpiling policy and the improving rubber tapping in production areas of various rubber producung countries.
Oil prices rose today, extending the previous day’s rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, though gains were capped by a firmer dollar.
The tight supply of all forms of natural rubber will support the prices to stay high in short run.
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