Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have recovered from near a five-month low hit earlier this month mainly on hopes of renewed demand from top consumer China.
Major producer Vietnam exported an estimated 1.20 million tonnes of rubber in the first 11 months of 2017, up 7.1% on year, and imported an estimated 503,000 tonnes, the government said on Wednesday.
The most-active rubber contract on the Shanghai futures exchange for May delivery rose 330 yuan to finish at 14,210 yuan (US$2,154.07) per tonne. Earlier in the session, it hit 14,295 yuan, the highest since Nov. 14.
The front-month rubber contract on Singapore’s SICOM exchange for December delivery last traded at 139.20 US cents per kg, down 0.4 cent.
(US$1 = 111.4500 yen)
(US$1 = 6.5968 Chinese yuan)