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Sunday, October 17, 2021

Asian Rubber Prices End Higher on Shanghai Gains, Weaker Yem

Asian rubber prices continued their winning streak Friday, closing higher after being guided by a rise in Shanghai rubber futures and a weaker yen.

Stronger rubber demand from China, the world’s second-biggest buyer, has improved the mood of the rubber market, said a Tokyo-based trader.

 “The increase in imports is suggestive of a pick-up in domestic demand, putting China back on track,” the trader said.

Additionally, rubber prices benefited from a strengthened U.S. dollar against the Japanese yen. A cheaper yen makes Japan’s exports competitive.

February Tokyo futures ended up 0.7 yen at Y158.9($1.55) a kilogram.

Asian Rubber Futures
                        Sep 09               Change from previous close

Tocom    Feb RSS3       Y158.9/Kg               Up Y0.7
Shanghai Jan SCR5       CNY12,780/Ton           Up CNY85
Sicom    Oct RSS3       159.0 US cents/Kg       Up 0.5 US cents/Kg
Sicom    Oct TSR20      131.4 US cents/Kg       Unchanged

USS      Sep            THB50.58-THB50.73/Kg     THB50.45-THB50.80/Kg

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