“There was no substantial news supporting the rise except there was report that physical rubber prices went up in Yunnan district,” said Zhu Ziyue, analyst with Hongyuan futures.
“Stocks in Qingdao bonded area keep increasing, which will keep constraining the rise in rubber futures,” Zhu said.
The most-active rubber contract on the Shanghai Futures Exchange for September delivery rose 30 yuan (US$4.50) to finish at 10,335 yuan per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for August delivery last traded at 131.6 US cents per kg, up 0.1 cent.
(US$1 = 112.2700 yen)
(US$1 = 6.6718 Chinese yuan)