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Friday, January 28, 2022

TOCOM Natural Rubber bullish on positive economic data

TOKYO (Rubber Country): Rubber prices at Japan’s Tokyo Commodity Exchange (TOCOM) witnessed a positive phenomenon. Rubber for December delivery was trading around 239.3-243 Yen per kg levels.

On Monday trade, December rubber rose to a high of 243 Yen/kg as of 19.50 JST and closed at 242.2 Yen/kg. Persisting economic slowdown in China with high arrivals at rubber markets impacted rubber future trading.

Japanese Yen futures depreciated 0.44%% to 99.61. Weakness in Yen against dollar supported rubber futures.

Nikkei-TOCOM index has gained 0.27% to 324.95 as of 19.50 JST. Bank of Japan release on Tankan Large Manufacturers Index data impacted rubber futures. Positive report from Chinese manufacturing section also reflected future prices.

Concerns over economic slowdown in China, the biggest buyer, will reduce demand for the commodity used in tires.

Source: Rubber Country

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