Rubber futures were largely lower in Asia on Wednesday, driven down by oversupply concerns and weaker commodity prices particularly falls in oil prices.
Overnight gains for oil prices receded during Asian trading as U.S. congressional leaders unveiled a tax-and-spending deal that includes provisions to lift the country’s ban on oil exports, potentially adding further supply to global markets if it becomes law. Lifting the ban is likely to unsettle oil markets further, economists said.
Market players expect that overall, investors will continue to remain pessimistic about a global glut and weak winter demand.
Asian Rubber Futures
Dec 16 Change from previous close
Tocom May RSS3 Y161.0/kg Down Y1.1
Shanghai May SCR5 CNY10,145/ton Down CNY105
Thai Jul RSS3 THB47.40/kg Up THB0.10
Sicom May RSS3 US 133.5 cents/kg Up US0.2 cents
Sicom Mon TSR20 US 114.0 cents/kg Down US 0.6 cents
Asian Physical Rubber
Grade Shipment Dec. 16 Dec. 15
RSS3 Jan/Feb 123-124 123-124
STR20 Jan/Feb 118-119 118-119
SIR20 Jan/Feb 115-116 115-116
SMR20 Jan/Feb 116-117 116-117
SVR3L Jan/Feb 118-119 118-119
USS May THB38.39-THB39.00/Kg THB38.49-THB38.84/Kg
