Japanese rubber futures snap five-day winning streak
SINGAPORE: Japanese rubber futures dipped on Tuesday, snapping a five-day winning streak, as easing rainfall in top producer Thailand normalised rubber tapping activity, while concerns over China’s electric vehicle demand weighed on sentiment.
The Osaka Exchange (OSE) rubber contract for December delivery ended daytime trade down 0.7 yen, or 0.22%, at 317 yen ($2.15) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery rose 90 yuan, or 0.63%, to 14,395 yuan ($2,006.50) per metric ton. The most active August butadiene rubber contract on the SHFE fell 50 yuan, or 0.43%, to 11,535 yuan ($1,607.84) per metric ton. Thailand’s meteorological agency warned of heavy rains and accumulations that may cause flash floods and overflows from July 19-21. Despite this, rain in Thailand has weakened in line with seasonality, allowing rubber tapping activity to return to normal, said Chinese financial information site Tonghuashun Information.
Read More: Here