The uncertainty of the European debt crisis puts pressure on Japanese rubber, leading to a decline in prices.
2012-04-24
The Tokyo Commodity Exchange (TOCOM) rubber futures fell on Tuesday due to uncertainties surrounding the European debt crisis and increased supply putting pressure on the rubber market, but stable oil prices and a positive demand outlook continue to support rubber prices. The TOCOM October rubber settlement price fell by 2.1 yen, reporting at 305.1 yen per kilogram.
Thai officials stated that Thailand may restart its stockpiling plan, aiming to push the spot price of natural rubber to 120 Thai Baht per kilogram in the near term, and further increase the rubber price to 150 Thai Baht per kilogram in the second half of the year. In the first quarter, the Shenyang region exported 333 batches of tires totaling 140,000 units, with a value of 26.13 million USD, equivalent to nearly 170 million RMB, representing a 105% increase compared to the same period last year. Tire products were exported to 41 countries and regions including the United States, Canada, Japan, Indonesia, and Pakistan.
Poor economic data from Europe has once again raised market concerns, with Germany's April manufacturing PMI falling short of expectations, marking the fastest contraction in three years; Italy's April consumer confidence index hitting a new low since 1996; and Spain's economy contracting by 0.4% quarter-on-quarter in the first quarter, falling into a second recession.
Shanghai's natural rubber futures declined on the 24th, with the main contract 1209 closing at 26,810 yuan/ton, down 410 yuan/ton. Due to weak manufacturing data from Europe and China, and the political situation in France and the Netherlands raising market concerns about potential further turmoil in the Eurozone. Excluding speculative factors such as weather, global supply is expected to peak, while end-user factories show signs of slowing down in both domestic and foreign sales, making substantial improvement difficult in the short term. However, supported by low rubber inventory, there is a stimulating effect on the rebound of rubber prices, and it is expected that Shanghai rubber will show a volatile pattern in the near term.
In the spot market, the domestic Hainan all-latex price has slightly adjusted down to around 28,600 yuan/ton. The CIF China main port STR20 rubber price has slightly decreased to around 3,715 USD/ton. The bonded area STR20 price has dropped to around 3,710 USD/ton.
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