TOKYO (Commodity Online): Rubber prices remained firm for the third straight day on the Tokyo Commodity Exchange (TOCOM) this morning. The buoyancy in the prices was backed by faster manufacturing growth in China, indicating improved outlook for the demand.
The prices hit a five-month high on the bourses. The near-month contract on TOCOM jumped 1.6% to 316.3 yen per kilogram (USD 3,789 per tonne), the highest level since April 27. The plant commodity has gained 16% so far during the last quarter.
The Chinese government released the manufacturing data showing a faster growth in September against past four months. This has come in the wake of the government’s curbs on energy use and its efforts to cool the property market, which has seen sudden upsurge in past few months.
Further, the optimism was further strengthened with US government’s data showing improvement in the GDP growth. The country’s economy grew at a 1.7% of annual rate in the second quarter, faster than the 1.6 percent previously estimated.
Natural rubber inventories monitored by Shanghai markets expanded by 4,680 tonnes to 31,580 tonnes based on a survey of 10 warehouses in Shanghai, Shandong, Yunnan, Hainan and Tianjin.
Further, the global outlook for the car industry remains positive with increased monthly sales by the car companies for a sustained period. This will further boost the demand for natural rubber for tyre industry. As the demand outlook seems robust, the prices will further scale up on the bourses.
(commodityonline.com)
No comments:
Post a Comment