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Rubber prices at TOCOM rise to five-month highs

  • i2Matrix
  • 9 December 2019
 
May rubber prices on TOCOM rose 9.3 yen or 4.9% to 198.0 yen ($ 1.82) per kg, the previous session had risen to 198.3 yen prices the highest since June 24. The increase is the biggest one-day increase since June 2017. 
  
May rubber prices on the Shanghai Futures Exchange rose 455 yuan to 13,200 yuan ($ 1,875) per ton. TSR20 new rubber products in Shangha rose 430 yuan to 11,150 yuan per ton. 
 
On the SICOM exchange, Singapore January rubber prices rose 146.3 cents per kg, up 2.8%. 
 
Rubber prices at TOCOM on Thursday rose 5% to five-month highs, as a rise in the Shanghai market prompted new purchases as US and Chinese negotiations improved after US President Donald Trump's speech. 
 
According to news from the Thai government on Wednesday, the Thai Cabinet has approved a 20-year plan in which the country will reduce the area of rubber plantations by 21% in order to double exports. 
  
Latex warehouse inventory inventories in futures fell below 160,000 tons and production in the Yunnan area fell during this session, so that pressure on all inventory and warehouse receipts eased. At the same time, a reduction in Thai production and demand must be observed as expected at the end of the year. 
 
January rubber prices at ICEX, India rose 1.7% to 13,535 rupees per 100 kg. In Kerala the price of RSS - 4. 129-130 rupees per kg does not change from the previous price. 
 
Slowing tapping activities and increased demand for purchases from rubber factories make the supply in the daily physical market reduced in Kerala. 
 
Technical analysis for rubber with the first support at 171.54 yen and the following 175.07 yen while the first resistant 199.54 yen and the following 2003.07 yen. 
 
(Translated with Google Translate from https://www.vibiznews.com/2019/12/06/harga-karet-di-tocom-naik-ke-tertinggi-lima-bulan/) 
  -- VibizNews 
 
 

 

 

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