TOKYO (Dec 8): Benchmark Tokyo rubber futures ended down 1.4% on Friday, paring early losses of as much as 3%, as Shanghai futures recovered from steep losses following upbeat Chinese trade data, brokers said.
Tokyo Commodity Exchange (TOCOM) futures hit 211.2 yen on Tuesday, their highest in more than two months, following a fire outbreak at a warehouse in China, and after Asia’s top rubber producers have agreed to cut exports of natural rubber to address declining global prices.
The Tokyo Commodity Exchange rubber contract for May delivery finished 2.9 yen lower at 204.1 yen (US$1.80) per kg. For the week, the contract rose 0.3%.
The most-active rubber contract on the Shanghai futures exchange for May delivery fell 215 yuan to finish at 14,065 yuan (US$2,126) per tonne, paring earlier losses after government data showed that China’s exports and imports unexpectedly accelerated in an encouraging sign for the world’s second-biggest economy.
China imported 670,000 tonnes of rubber last month, up nearly 20% from a year ago, preliminary trade data showed.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 2.6% from last Friday, the exchange said on Friday.
Thailand’s government plans to increase rubber purchases to 50,000-80,000 tonnes per year from the current 20,000-30,000 tonnes to boost prices, the agriculture ministry said on Friday.
The front-month rubber contract on Singapore’s SICOM exchange for January delivery last traded at 142.30 US cents per kg, down 0.5 cent.
(US$1 = 113.4100 yen)
(US$1 = 6.6145 Chinese yuan)
