Rubber futures prices adjusted in opposite directions.

According to the latest update on world rubber prices at 6:00 AM on August 29, 2024 (Vietnam time), futures prices on the TOCOM and SHFE exchanges have increased sharply. Specifically, the September 2024 futures contract on the TOCOM exchange saw the highest increase at 3.39%.

At the Tokyo Commodity Exchange (TOCOM), RSS3 rubber prices continued to remain high, fluctuating between 371.80 and 380.90 JPY/kg.

RSS3 rubber price on TOCOM exchange, Tokyo. (Photo: Screenshot giacaphe.com)

Specifically, the price of RSS3 rubber futures contracts for September 2024 delivery increased sharply by 3.39%, reaching 380.9 yen/kg (equivalent to an increase of 12.9 yen/kg). The October contract increased by 0.03%, reaching 376.5 yen/kg; the November contract increased by 3.30%, reaching 373.2 yen/kg; the December 2024 contract decreased by 0.19%, reaching 370.4 yen/kg; and the January 2025 contract decreased by 0.05%, reaching 371.8 yen/kg.

Natural rubber prices on the SHFE exchange, Shanghai. (Photo: Screenshot giacaphe.com)

Similarly, natural rubber prices on the Shanghai Futures Exchange (SHFE) also increased across all maturities, ranging from 15,395 to 16,820 CNY/tonne.

Specifically, the September 2024 contract increased by 0.62% to 15,395 yuan/ton; the October 2024 contract increased by 0.49% to 15,440 yuan/ton; the November 2024 contract increased by 0.52% to 15,505 yuan/ton; the January 2025 contract increased by 0.45% to 16,750 yuan/ton; and the March 2025 contract increased by 0.54% to 16,820 yuan/ton.

According to the Import-Export Department of the Ministry of Industry and Trade , the price of raw rubber during the season has not fluctuated much. Specifically, Phu Rieng Rubber Company reported purchasing prices at 345-390 VND/TSC, Ba Ria Rubber Company at 375-385 VND/TSC, and Mang Yang Rubber Company at 367-372 VND/TSC, stable compared to the end of July 2024.

The Association of Natural Rubber Producing Countries (ANRPC) has revised its forecast for global rubber demand upwards to 15.74 million tons; at the same time, it has revised down its forecast for global natural rubber supply for the whole year to 14.50 million tons. This will result in a global market deficit of up to 1.24 million tons of natural rubber this year.

According to statistics from the General Department of Vietnam Customs, in July 2024, Vietnam's rubber exports reached 186.03 thousand tons, valued at US$307.91 million, an increase of 21.2% in volume and 24.7% in value compared to June 2024. Compared to July 2023, there was still a decrease of 15.3% in volume, but an increase of 7.3% in value. This marks the fourth consecutive month of declining rubber exports compared to the same period in 2023. For the first seven months of 2024, Vietnam's rubber exports reached 912.72 thousand tons, valued at over US$1.41 billion, a decrease of 7.5% in volume but an increase of 5.9% in value compared to the same period in 2023.

The average export price of rubber reached US$1,655/ton, an increase of 2.9% compared to June 2024 and 26.8% compared to July 2023. For the first seven months of 2024, the average export price of rubber reached US$1,551/ton, an increase of 14.5% compared to the same period in 2023.

China remains Vietnam's largest rubber export market, accounting for 68.62% of the country's total rubber exports, reaching 127.66 thousand tons, worth 206.73 million USD, an increase of 17.4% in volume and 21.5% in value compared to June 2024.

However, compared to July 2023, exports still decreased by 27.2% in volume and 8.6% in value. This marks the sixth consecutive month that rubber exports to China have declined compared to the same period in 2023.

The average price of rubber exported to China was $1,619 per ton, an increase of 3.5% compared to June 2024 and 25.5% compared to July 2023. In the first seven months of 2024, Vietnam exported 617.03 thousand tons of rubber to China, worth $924.63 million, a decrease of 18.6% in volume and 8.2% in value compared to the same period in 2023.

Regarding the Chinese market specifically, according to data from the Chinese Customs Administration, in June 2024, China imported nearly 490.9 thousand tons of rubber worth 849.4 million USD, a decrease of 24.8% in volume and 13% in value compared to the same period in 2023. This marks the fourth consecutive month that China's rubber imports have decreased compared to the same period in 2023.

Source: https://congthuong.vn/gia-cao-su-ngay-298-gia-cao-su-ky-han-dieu-chinh-trai-chieu-342224.html