Japanese rubber gains on supply concerns
SINGAPORE: Japanese rubber futures traded in a thin range on Monday as investors weighed weakening demand for the tyre-making material in top consumer China against rain in production areas, which sparked supply concerns. The Osaka Exchange (OSE) rubber contract for November delivery ended daytime trade 1.7 yen higher, or 0.58%, at 293.9 yen ($2.04) per kg.
The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery rose 95 yuan, or 0.69%, to 13,910 yuan ($1,937.24) per metric ton.
The most active July butadiene rubber contract on the SHFE gained 250 yuan, or 2.21%, to 11,565 yuan ($1,610.66) per ton. 'Market participants are closely monitoring the fundamental supply of raw materials against prevailing expectations,' a Singapore-based trader said.
Rainfall in key domestic production areas of Hainan and Yunnan has disrupted rubber tapping, said broker Everbright Futures. Tropical storm Wutip slammed into southern China on Friday, pounding coastal regions with gales and heavy rain, the National Meteorological Centre said.
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