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TOKYO, Feb 9 (Reuters) – Benchmark TOCOM rubber futures rose more than 2 percent on Monday to the highest in nearly five weeks, as a weaker yen and strong gains in oil prices overshadowed soft Chinese import data.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for July delivery JRUc6 0#2JRU: rose 4.8 yen to 214 yen per kg by 0022 GMT, after settling up 2.8 yen on Friday.
The benchmark contract earlier hit 214.2 yen, the highest since Jan. 6.
China imported 350,000 tonnes of natural and synthetic rubber in January, down 14.6 percent from the previous month and down 27.1 percent from a year earlier, its preliminary trade data showed on Sunday. (Full Story)
India’s natural rubber imports in January jumped 47 percent from a year earlier to 30,441 tonnes as lower prices in world markets prompted tyremakers to increases overseas purchases, an official with the state-run Rubber Board said on Friday. (Full Story)
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.1 percent from the previous week, the exchange said on Friday. (Full Story)
Source: Reuters