Tokyo Commodity Exchange (TOCOM) rubber (15385, -225.00, -1.44%) futures rose in early trade on Monday, as the world’s largest buyers of rubber to reduce China’s rubber stocks, international oil prices boosted market sentiment.
TOCOM rubber futures contract rose 3.6 yen in August, at 243.8 yen / kg (0028GMT), which closed up 0.1 yen on Friday.
Shanghai Futures Exchange alleged that rubber inventories last week fell 2.1%.
China’s central bank decided on the 15th, the floating range of RMB against the U.S. dollar trading price of the expansion from 1% to 2%, a further relaxation of the strict control of the RMB exchange rate, this initiative will further play its role in promoting the improvement of the economic and market.
Traders said on Friday, despite the world’s largest rubber buyers China and other major buyers of rubber part of the spot rubber imports last week, but its high inventory and the market slowdown in Chinese economic growth concerns still make the price pressure .
Asian city early Monday, the yen rose to a high, due to the Crimea to hold a referendum decided to join Russia, leading investors to turn to traditional safe-haven currency.
The Nikkei 225 index fell 0.1 percent on Monday, due to the escalation of tensions in Ukraine and Asian markets opened lower.
U.S. crude oil futures prices rose for a third day on Monday, as Russia and the West geopolitical confrontation led to escalation of the crisis.
As of March 17 Beijing time 10:34 AM, Tokyo Rubber reported 237.8 yen / kg, down 1.00 percent.
Translated by Google Translator from http://news.cria.org.cn/4/19707.html
