Japan rubber futures rebound as Thai floods disrupt tapping and oil rises
OSE March rubber contract up 1.98% to 452.9 yen/kg; SHFE Jan rubber up 5.54% to 20,095 yuan/ton; Thailand warns of severe thundershowers Oct 4-5.
(Updates prices to market close) 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. 89) per kg. 51) per metric ton. It touched its highest since February 20, 2017, earlier in the day.
96%, to 16,000 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 as Qatar pushed for peace talks. Prices fell in the previous session as crude supply from the Middle East recovered. 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. 7% as of 0707 GMT. com;)