English (United States) Tiếng Việt (Việt Nam)
RUBBER-TOCOM rises on higher oil prices; weak China data caps gain (14-04-2015)

 

RUBBER-TOCOM rises on higher oil prices; weak China data caps gain   

image

 

TOKYO: Benchmark Tokyo rubber futures climbed for a second session on Monday, supported by a rise in oil prices, but gains were capped by weak trade data in the world`s top buyer China, dealers said.

The Tokyo Commodity Exchange (TOCOM) rubber contract for September delivery finished 2.7 yen, or 1.4 percent, higher at 198.7 yen ($2) per kg.

"The market began with a positive tone, helped by higher oil prices last Friday, and a gain in Shanghai rubber futures gave additional support," said Jiong Gu, analyst at Yutaka Shoji Co. Oil prices rose slightly on Monday, continuing from a strong end to last week as financial traders increased bets on higher prices amid a slowdown in US drilling.

The most-active rubber contract on the Shanghai futures exchange for September delivery climbed 340 yuan to finish at 12,655 yuan ($2,036) per tonne.

"But the advances were limited by weak China trade data," he said, adding that overall trade was light due to a holiday in Thailand, the world`s top producer.

China`s export sales contracted 15 percent in March while import shipments fell at their sharpest rate since the 2009 global financial crisis, a shock outcome that deepens concern about sputtering Chinese economic growth.

Thailand`s physical rubber market is closed between Monday and Wednesday for Songkran water festival holidays.

TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, have been mired around two-month lows amid worries about slack demand from China due to a slowing economy.

The front-month rubber contract on Singapore`s SICOM exchange for May delivery last traded at 137.8 US cents per kg, down 0.9 cent.

-Reuters

RUBBER-TOCOM rises on higher oil prices; weak China data caps gain

TOKYO: Benchmark Tokyo rubber futures climbed for a second session on Monday, supported by a rise in oil prices, but gains were capped by weak trade data in the world`s top buyer China, dealers said.

The Tokyo Commodity Exchange (TOCOM) rubber contract for September delivery finished 2.7 yen, or 1.4 percent, higher at 198.7 yen ($2) per kg.

"The market began with a positive tone, helped by higher oil prices last Friday, and a gain in Shanghai rubber futures gave additional support," said Jiong Gu, analyst at Yutaka Shoji Co. Oil prices rose slightly on Monday, continuing from a strong end to last week as financial traders increased bets on higher prices amid a slowdown in US drilling.

The most-active rubber contract on the Shanghai futures exchange for September delivery climbed 340 yuan to finish at 12,655 yuan ($2,036) per tonne.

"But the advances were limited by weak China trade data," he said, adding that overall trade was light due to a holiday in Thailand, the world`s top producer.

China`s export sales contracted 15 percent in March while import shipments fell at their sharpest rate since the 2009 global financial crisis, a shock outcome that deepens concern about sputtering Chinese economic growth.

Thailand`s physical rubber market is closed between Monday and Wednesday for Songkran water festival holidays.

TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, have been mired around two-month lows amid worries about slack demand from China due to a slowing economy.

The front-month rubber contract on Singapore`s SICOM exchange for May delivery last traded at 137.8 US cents per kg, down 0.9 cent.

http://www.brecorder.com/markets/commodities/asia/238035-rubber-tocom-rises-on-higher-oil-prices-weak-china-data-caps-gain-.html

GENERAL NEWS

Minimize
NEWS
MARKET NEWS

 
(source in Eximbank)
Web Links

Branch
WEBSITE HIT COUNTER