Tokyo rubber prices moved sharply lower during the session as the market played catch-up after being closed for the latter part of last week.
The move followed weakness in the Shanghai Futures rubber contracts that had come under pressure late last week due to broader concerns about China’s economy and weakness in other commodities such as iron ore.
Kaname Gokon of Okato Shoji in Tokyo added that despite the decline, markets may rebound soon as the main rubber-producing countries are looking to cut output.
Asian Rubber Futures
May. 8 Change from previous close
Tocom Oct RSS3 Y206.6/Kg Down Y15.1/Kg
Shanghai Sep SCR5 CNY13,735/Ton Down CNY70/Ton
Sicom Jun RSS3 US 210.0 cents/Kg Down US 2.0 cents/Kg
Sicom Jun TSR20 US 147.0 cents/Kg Down US 1.9 cents/Kg
USS May THB68.08-THB68.88/Kg THB69.55-THB69.75/Kg
Write to Lucy Craymer at [email protected], @lucy_craymer
(END) Dow Jones Newswires
