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Rubber Near 1-Week High as China Auto Sales Boost Demand Outlook

Rubber traded near a one-week high after data showed vehicle sales in China climbed by the most since January, boosting the outlook for demand from the world’s largest consumer of the commodity used in tires.

The contract for delivery in April on the Tokyo Commodity Exchange gained as much as 0.7 percent to 260.3 yen a kilogram ($2,617 a metric ton) and traded at 260.2 yen at 10:14 a.m. Futures settled at the highest level since Nov. 1 yesterday.

TOCOM Rubber Futures Prices on Tuesday, November 12, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Nov 2013

247.0

247.1

249.2

246.9

247.0

+0.0

15

Dec 2013

249.9

249.2

251.8

248.8

248.8

-1.1

42

Jan 2014

251.6

251.0

253.6

250.5

250.5

-1.1

76

Feb 2014

254.2

254.1

256.2

252.5

252.5

-1.7

165

Mar 2014

256.5

256.3

258.5

254.5

255.0

-1.5

321

Apr 2014

258.6

258.8

260.6

256.2

256.8

-1.8

3,182

Total

 

3,801

Wholesale deliveries of cars, multipurpose and sport utility vehicles rose to 1.61 million last month, data from the state-backed China Association of Automobile Manufacturers showed yesterday. That compared with the median estimate of 1.5 million units by three analysts surveyed by Bloomberg News.

“Expanding car sales in China raised optimism about growth in demand for rubber,” said Hideshi Matsunaga, an analyst at broker ACE Koeki Co. in Tokyo.

Rubber for May delivery on the Shanghai Futures Exchange was little changed at 19,415 yuan($3,187) a ton. Thai rubber free-on-board gained 1.3 percent to 79.05 baht ($2.50) a kilogram yesterday, according to the Rubber Research Institute of Thailand.

Source: Bloomberg

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