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Tuesday, November 30, 2021

TOCOM slides amid commodity selloff after US tariff threat

TOKYO (July 11): Benchmark Tokyo rubber futures slid on Wednesday amid a broad selloff in commodities after the United States threatened to levy new tariffs on China, deepening trade tensions that could depress global economic growth.

The United States raised the stakes in its trade dispute with China, threatening 10% tariffs on a list of US$200 billion worth of Chinese imports, sending stocks lower and prompting Beijing to warn it would be forced to respond.

“Escalating trade spats between the United States and China battered rubber as well as other commodity markets,” said Toshitaka Tazawa, an analyst at commodities broker Fujitomi Co.

“Lingering concerns over slowing economy and weaker demand for automobiles due to trade disputes will keep putting pressure on rubber markets going forward.”

The Tokyo Commodity Exchange (TOCOM) rubber contract for December delivery finished 1.2 yen lower at 172.0 yen (US$1.55) per kg.

The most-active rubber contract on the Shanghai futures exchange for September delivery fell 75 yuan to finish at 10,315 yuan (US$1,549) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for August delivery last traded at 130.3 US cents per kg, down 1.4 cents.

(US$1 = 111.0200 yen)
(US$1 = 6.6607 Chinese yuan)

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