27-06-2024
Japanese rubber futures rebounded on today as the yen hit a 38-year low against the dollar, making the commodity more affordable to overseas buyers.
The Osaka Exchange December delivery was up 2.5 yen, or 0.75% and SHFE September delivery was up 65 yuan, or 0.43%.
Oil prices slid in early Asian trade today as a surprise build in U.S. stockpiles fuelled fears about slow demand from the top oil consumer.
Top rubber producer Thailand’s meteorological agency warned of “heavy to very heavy rains and accumulations that may cause flash flood and runoff” on June 27.
The International Rubber Study Group projects global Natural rubber production to increase by 1.1% year-on-year in 2024, reaching 14.502 million tons.
On the demand side, global consumption of Natural rubber is anticipated to rise by 3.1% year-on-year in 2024, totaling 15.748 million tons.China is expected to lead this growth with a 5.5% increase, followed by India at 3% and Vietnam at 6%.
Inventory levels at the key Qingdao warehouse have dropped by 28% since the beginning of the year, suggesting a possible uptick in Chinese rubber consumption.
The tire industry is being cautious in their procurement of high-priced rubber materials.
Heavy rainfall has caused disruptions in the harvesting of natural rubber, resulting in a decrease in its availability in the local markets.
Due to heavy rains, low arrivals, and increase in shipping costs, natural rubber can remain expensive for importing countries.
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