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Wednesday, August 17, 2022

9 Jan 2014: Tocom Rubber Settles Higher; China Auto Sales up 14% in 2013

Tocom rubber futures settle 0.7% higher on a weaker yen and as Shanghai rubber is in positive territory. Also helping is news that China’s motor-vehicle sales rose 14% in 2013, the strongest gain in three years, boosted by solid demand. Sales of automobiles including both passenger and commercial vehicles reached a record 21.98 million units last year, the government-backed China Association of Automobile Manufacturers said in a statement Thursday.

Tocom trade may face some downside risk Friday ahead of the long weekend, as Monday is a public holiday in Japan. Traders will also be focusing on U.S. non-farm payrolls due Friday for further cues. Benchmark June rubber settles Y1.7 higher at Y257.0/kg, off the intraday high of Y259.8/kg.

Source: Dow Jones

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