Rubber traded near the highest closing level in two weeks amid speculation that China, the world’s largest consumer, may buy the commodity to boost state reserves.
The contract for April delivery on the Tokyo Commodity Exchange advanced as much as 0.8 percent to 259.8 yen a kilogram ($2,614 a metric ton) before trading at 258.6 yen at 10:52 a.m. Futures settled at 259.8 yen on Nov. 1.
TOCOM Rubber Futures Prices on Thursday, November 14, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Nov 2013 |
247.2 |
248.4 |
248.5 |
247.5 |
247.5 |
+0.3 |
18 |
|
Dec 2013 |
250.3 |
250.3 |
251.5 |
250.3 |
250.4 |
+0.1 |
124 |
|
Jan 2014 |
251.4 |
251.5 |
253.2 |
251.5 |
252.1 |
+0.7 |
176 |
|
Feb 2014 |
253.6 |
255.4 |
255.6 |
254.2 |
254.9 |
+1.3 |
67 |
|
Mar 2014 |
256.1 |
255.9 |
258.3 |
255.9 |
258.0 |
+1.9 |
392 |
|
Apr 2014 |
257.8 |
258.0 |
260.0 |
257.6 |
259.6 |
+1.8 |
3,165 |
|
Total |
|
3,942 |
|||||
China’s State Reserve Bureau met Sinochem International Corp., China Hainan Rubber Industry Group Co. and Yunnan State Farms Group Co., the nation’s biggest domestic suppliers, about buying 150,000 tons of rubber, two industry executives with direct knowledge of the matter said Sept. 17. The bureau is also in discussions to buy 50,000 tons of smoked rubber sheet imports, according to the executives.
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“Speculation grew that China will complete the purchase by the end of this year to replenish state reserves,” said Hideshi Matsunaga, an analyst at broker ACE Koeki Co. in Tokyo.
Rubber for May delivery on the Shanghai Futures Exchange added 0.4 percent to 19,320 yuan($3,171) a ton. Thai rubber free-on-board lost 0.3 percent to 78.80 baht ($2.50) a kilogram yesterday, according to the Rubber Research Institute of Thailand.
Source: Bloomberg
