Japan and China rubber futures jump after Thailand floods disrupt tapping; oil rises
OSE March natural rubber up 2.23% to 454 yen/kg, SHFE Jan up 4.62% to 19,920 yuan/ton (highest since Feb 20, 2017), as Thai floods disrupt tapping and oil firms.
By Emily Ou Yong Sept 30 (Reuters) — Japanese rubber futures rebounded on Wednesday, supported by stronger physical prices in Thailand after floods disrupted tapping in producing areas, while firmer oil prices also lent support to the market. 90) per kg, as of 0210 GMT. 09) per metric ton. It touched its highest since February 20, 2017, earlier in the day.
8%, to 15,975 yuan per ton. Top rubber producer Thailand's meteorological agency warned of severe thundershowers from October 4-5, which could disrupt tapping operations. Heavy rains and floods have hit 42 provinces across Thailand since September 16, killing at least 23 people, the Thai interior ministry said on Tuesday. Thai rubber prices have strengthened significantly over the past two days, reflecting a rebound in weather premiums, analysts from broker Huatai Futures said in a note.
Oil prices rose on Wednesday after US President Donald Trump denied he would be willing to ease sanctions on Iran while Qatar pushed for peace talks. O/R Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil. 73% from the previous week, data from commodity information provider Longzhong Information showed. S.
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