Rubber fell for a third day after private surveys showed U.S. consumer confidence slumped in September and China’s economy slowed this quarter.
The contract for February delivery on the Tokyo Commodity Exchange lost as much as 1.9 percent to 271.2 yen a kilogram ($2,750 a metric ton), the lowest level since Sept. 17, and was at 273 yen at 12:27 p.m. Futures climbed 1.5 percent this month.
The Conference Board’s consumer confidence index declined to 79.7, the weakest since May, from 81.8 a month earlier, the New York-based private research group said yesterday. China’s economy slowed this quarter as growth in manufacturing and transportation weakened in contrast with official signs of an expansion pickup, a survey from New York-based China Beige Book International said yesterday.
“The market mood isn’t very good after the weak surveys,” Gu Jiong, an analyst at broker Yutaka Shoji Co., said by phone from Tokyo. “Investors also adjusted their positions before long holidays in China.”
Rubber for January delivery on the Shanghai Futures Exchange dropped 0.2 percent to 20,590yuan ($3,363) a ton. Chinese markets will be closed during Oct. 1-7 for National Day.
Thai rubber free-on-board remained unchanged at 82.50 baht ($2.63) a kilogram yesterday, according to the Rubber Research Institute of Thailand.
Souurce: Bloomberg
