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Rubber Rises Near 2-Week High as China May Buy to Boost Reserves

Rubber traded near the highest closing level in two weeks amid speculation that China, the world’s largest consumer, may buy the commodity to boost state reserves.

The contract for April delivery on the Tokyo Commodity Exchange advanced as much as 0.8 percent to 259.8 yen a kilogram ($2,614 a metric ton) before trading at 258.6 yen at 10:52 a.m. Futures settled at 259.8 yen on Nov. 1.

TOCOM Rubber Futures Prices on Thursday, November 14, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Nov 2013

247.2

248.4

248.5

247.5

247.5

+0.3

18

Dec 2013

250.3

250.3

251.5

250.3

250.4

+0.1

124

Jan 2014

251.4

251.5

253.2

251.5

252.1

+0.7

176

Feb 2014

253.6

255.4

255.6

254.2

254.9

+1.3

67

Mar 2014

256.1

255.9

258.3

255.9

258.0

+1.9

392

Apr 2014

257.8

258.0

260.0

257.6

259.6

+1.8

3,165

Total

 

3,942

China’s State Reserve Bureau met Sinochem International Corp., China Hainan Rubber Industry Group Co. and Yunnan State Farms Group Co., the nation’s biggest domestic suppliers, about buying 150,000 tons of rubber, two industry executives with direct knowledge of the matter said Sept. 17. The bureau is also in discussions to buy 50,000 tons of smoked rubber sheet imports, according to the executives.

“Speculation grew that China will complete the purchase by the end of this year to replenish state reserves,” said Hideshi Matsunaga, an analyst at broker ACE Koeki Co. in Tokyo.

Rubber for May delivery on the Shanghai Futures Exchange added 0.4 percent to 19,320 yuan($3,171) a ton. Thai rubber free-on-board lost 0.3 percent to 78.80 baht ($2.50) a kilogram yesterday, according to the Rubber Research Institute of Thailand.

Source: Bloomberg

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