Tokyo Commodity Exchange (TOCOM) rubber futures on Wednesday (November 26) held steady, trapped in a narrow trading range, due to weak demand and the world’s major rubber producing countries lack effective measures to improve rubber futures prices, resulting in rubber market commitments pressure.
TOCOM rubber futures contract prices in May fell 0.1 percent on Wednesday, reported 204.1 yen / kg, the price upward Tuesday, the yen lower.
US third-quarter economic growth faster than expected, indicating that the US economic fundamentals are relatively strong, and this will help drive global demand.
US November consumer confidence index fell to a low since June, as the market for short-term business conditions and the Duchy of optimism subsided.
US auto sales in November rose 1 percent to 1.26 million units, the highest level recorded since 2001.
An adviser to the Chinese central bank said on Tuesday that China’s central bank cut interest rates before considering further, it will wait for the fourth quarter economic data and pay close attention to the US and Japan monetary policy.
The world’s major rubber producing countries last week to reach agreement on limiting rubber exports, analysts said the move did not bring much of an impact will the market, because demand is still relatively weak.
As at 10:02 on November 26, Tokyo rubber reported 202.5 yen / kg, down 0.30 percent.
Translated by Google Translator from http://news.cria.org.cn/4/24653.html
