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Wednesday, August 17, 2022

Tokyo rubber eyes China meeting

Benchmark Tokyo rubberfutures could trade in a range of 250 to 276 yen a kg, with some dealers setting their eyes on top consumer China, where leaders started a four-day special meeting on Saturday to set the reform agenda for the next decade.

“We may expect some announcement from China when the leaders meeting is over this week. If positive news comes out, then the market will move up,” said a dealer in Tokyo.

The most active rubber contract on Tokyo Commodity Exchange, currently April 2014, added 2.2 yen a kg to 259.1 yen, because of a weaker yen, but still down from a 3-1/2-month high around 290 yen in September.

Although TOCOM rubber sets the tone for tyre grade prices in main producers Thailand,Indonesia and Malaysia, the contracts are often influenced by macroeconomics, currencies, equities and politics.

Source: Reuters

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