A group of three of the world’s top natural rubber producers will cut exports by up to 350,000 tonnes in total from now until March next year, the Thai agriculture ministry said late on Friday, in a bid to address declining global prices.
The most-active rubber contract on the Shanghai futures exchange for May delivery fell 425 yuan, or 3%, to finish at 14,005 yuan (US$2,130) per tonne.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 3.9% from last Friday, the exchange said on Friday.
The front-month rubber contract on Singapore’s SICOM exchange for January delivery last traded at 142.50 US cents per kg, down 2.1 cents.
(US$1 = 6.5742 Chinese yuan)
(US$1 = 113.3600 yen)