Rubber futures at 2-month high
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Natural rubber futures in Tokyo rose to the highest in more than two months on speculation China, the world's largest consumer, may boost imports after stockpiles of the raw material declined for a ninth week. Rubber inventories decreased by 7,085 tonnes to 39,025 tonnes, based on a survey of 10 warehouses in Shanghai, Shandong, Yunnan, Hainan and Tianjin, the Shanghai Futures Exchange said May 9. The volume was the lowest since October 2006, and a 60 per cent drop from this year's peak of 96,760 tonnes in January. Rubber for October delivery gained as much as 0.8 per cent to ¥310.8 a kg ($2,993 a tonne) on the Tokyo Commodity Exchange, the highest for the most-active contract since March 6. It settled at ¥308.7.
Thai Supply
Futures also drew support from low output in Thailand, the world's largest producer and exporter, Mr Shigemoto said. Rubber output normally starts to increase in May following the end of a dry season, he said. This year, output is not rising because of a cool weather this month, he added. September-delivery rubber on the Shanghai Futures Exchange, the most-active contract, gained 3.9 per cent to close at 23,315 yuan ($3,337) a tonne.
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Source : Business Line |
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