Benchmark Tokyo rubber
futures rose on Monday, helped by news that top producing countries have agreed
to slash exports by up to 350,000 tonnes until March next year, but trades were
thin due to the holiday season.
A group of three of the world’s top natural
rubber producers will cut exports by up to 350,000 tonnes in total from now
until March, the Thai agriculture ministry said on Friday, in a bid to address
declining global prices.
“The news lent support to the market,” said Satoru
Yoshida, a commodity analyst with Rakuten Securities.
“But many market
participants are done for this year and I expect to see narrow-ranged trade for
the rest of the week,” he added.
The Tokyo Commodity Exchange (TOCOM) rubber
contract for new June delivery finished at 208.4 yen ($1.84) per kg, up
4.2 yen from an opening price of 204.2 yen.The most-active rubber contract on
the Shanghai futures exchange for May delivery fell 65 yuan to finish at 14,030
yuan ($2,146) per tonne.
Financial markets in the United States, U.K., Germany,
France, Brazil, Hong Kong, Singapore, South Korea, India and Australia were
closed on Monday for the Christmas holiday.
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