BEIJING (Aug 2): Benchmark Tokyo rubber futures closed lower on Thursday, tracking a weak Shanghai market, while the latest escalation in the Sino-US trade dispute dented sentiment further.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for rubber prices in Southeast Asia, have also been pressured by high stocks and lean demand in recent weeks.
“Today’s drop was mainly affected by the recent development of the trade war,” said Shen Xiaoxia, analyst, Zheshang Futures.
“As to the rubber fundamentals, there is not much change. They are still weak as stocks are high and demand is weak,” Shen said.
Trump administration confirmed on Wednesday that it was seeking to ratchet up pressure on China for trade concessions by proposing a higher 25% tariff on US$200 billion worth of Chinese imports. Beijing vowed retaliatory countermeasures afterwards.
The Tokyo Commodity Exchange rubber contract for January delivery finished 0.9 yen (US$0.0081) lower at 169.0 yen per kg.
The most-active rubber contract on the Shanghai futures exchange for September delivery fell 50 yuan (US$7.33) to finish at 10,235 yuan per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for September delivery last traded at 131.6 US cents per kg, up 0.5 cent.
(US$1 = 111.6100 yen)
(US$1 = 6.8237 Chinese yuan)
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