China's Shanghai Futures Exchange (SHFE) rubber futures edged lower after reopening after a holiday. The domestic market maintained a steady momentum compared to yesterday's session.
World rubber price
In the morning trading session on October 9 (Vietnam time), the price of RSS 3 rubber contracts for October 2024 delivery on the Osaka Exchange (OSE) - Japan remained stable at 415.6 yen/kg; the contract for January 2025 delivery decreased slightly by 0.5% to 394 yen/kg.
Reopening after the holiday, the price of natural rubber for November delivery on the Shanghai Futures Exchange (SHFE) in China was trading at 17,820 yuan/ton, down 0.36%; the contract for January 2025 delivery also decreased 0.23% to 19,175 yuan/ton.
The European Commission (EC) said on October 2 that it had proposed to postpone by one year the implementation of the EU Deforestation-Related Import Ban (EUDR), which requires companies in the bloc to demonstrate that their supply chains, including rubber, do not contribute to deforestation, from December 30.
In energy markets, oil prices fell after posting their biggest weekly gain in more than a year last Friday, amid escalating threats of a large-scale war in the Middle East.
Natural rubber is often affected by oil prices because it competes for market share with synthetic rubber, which is produced from crude oil.
However, supply concerns continued to support rubber prices on the OSE, while the sharp decline in the yen against the dollar may attract some light buying, Japan Exchange Group said.
According to the Thai Meteorological Department, from October 6 to 12, there is a possibility of heavy rain in the central region and possibly in the south of the country.
Besides, the prospect of stronger economic growth in China and the US, the world's two largest economies, contributed to improving market sentiment.
Jom Jacob, chief analyst at Indian analytics firm What Next Rubber, said natural rubber prices will recover sharply this week as China's top consuming markets reopen after the National Day holiday.
In addition, overseas shares of major Chinese real estate developers are rising, indicating a recovery in the country's real estate sector.
Some Chinese and global institutional investors are returning to investing in Chinese real estate bonds, betting on the market's prospects as the government accelerates efforts to boost economic growth and revive a property sector that has been struggling with a debt crisis.
Also supporting the potential recovery in rubber prices is the “marked improvement” in the US economic outlook following the September jobs report, Mr Jacob added.
Domestic rubber price
In the domestic market today, the price of natural rubber latex remained stable compared to yesterday's session. Specifically:
At Ba Ria Rubber Company, the purchase price of latex today, October 8, remains unchanged at 440 - 450 VND/TSC/kg, with DRC latex from 35 - 44% currently at 15,700 VND/kg; raw latex fluctuates at 19,500 - 21,000 VND/kg.
Accordingly, Phu Rieng Rubber Company keeps the listed price of latex at 470 VND/TSC/kg; the price of mixed latex is 430 VND/DRC/kg.
Binh Long Rubber Company's purchase of natural rubber today also remained unchanged, remaining in the range of 386 - 396 VND/TSC, mixed latex with 60% DRC is priced at 14,000 VND/kg.
The purchase price of latex at Mang Yang Company today is unchanged, with grade 1 latex remaining unchanged at 447 VND/TSC/kg; grade 2 latex at 443 VND/TSC/kg; grade 1 mixed latex at 461 VND/DRC/kg; grade 2 mixed latex at 406 VND/DRC/kg.
Source: https://baodaknong.vn/gia-cao-su-hom-nay-9-10-gia-cao-su-tren-san-tokyo-va-shfe-giam-nhe-231272.html
Comment (0)