Rubber prices are forecast to continue rising sharply on May 31, 2024, across all three exchanges: TOCOM, Shanghai, and SGX.
At the close of trading today, the highest prices recorded on these three exchanges were 350.8 JPY/kg, 15,685 CNY/ton, and 182.5 US cents/kg, respectively.
Notably, Japanese rubber futures prices today recorded their longest weekly gain in four months, following a sharp rise in Thailand – the leading producer – and supported by a weakening Japanese yen.
According to information from the Import-Export Department ( Ministry of Industry and Trade ), in the 10 days in mid-May 2024, rubber prices on Asian exchanges rose again amid concerns about weather in Thailand and hopes of improved demand from China.
Global natural rubber supply is projected to increase in the coming months as farmers in major producing countries are expected to restart harvesting; however, unusual weather conditions and an extended summer could impact supply.
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World rubber prices
The updated world rubber prices at 8:20 PM on May 30, 2024 (Vietnam time) show that prices remain high across all three exchanges for different maturities.
At the Tokyo Commodity Exchange (TOCOM), RSS3 rubber prices continued to remain high, fluctuating between 344.9 and 350.4 JPY/kg.
Specifically, the price of RSS3 rubber futures contracts for June 2024 delivery is 344.9 JPY/kg. The July 2024 delivery contract is 350.1 JPY/kg. The August 2024 delivery contract is 350.8 JPY/kg. The September 2024 delivery contract is 350.4 JPY/kg. The October 2024 delivery contract is 350.2 JPY/kg.
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| RSS3 rubber prices on the TOCOM exchange, Tokyo. (Image: Screenshot from giacaphe.com) |
Similarly, natural rubber prices on the Shanghai Futures Exchange (SHFE) also declined across all maturities, ranging from 15,435 to 15,685 CNY/tonne.
Specifically, the June 2024 delivery contract maintained its increase of 0.65% to 15,435 CNY/ton. The July 2024 delivery contract was 15,520 CNY/ton, up 0.36%. The August 2024 delivery contract was 15,580 CNY/ton, up 0.29%. The September 2024 delivery contract was 15,685 CNY/ton, up 0.35%.
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| Natural rubber prices on the SHFE exchange, Shanghai. (Image: Screenshot from giacaphe.com) |
The price of TSR20 rubber on the Singapore Exchange (SGX) fluctuated between 169.5 and 182.5 US cents/kg.
Accordingly, the price of rubber for July 2024 delivery increased sharply by 2.05% to 169.5 US cents/kg compared to the end of the previous session. The August 2024 delivery contract was 170.10 US cents/kg, up 1.98%. The September 2024 delivery contract was 170.8 US cents/kg, up 1.97%. The October 2024 delivery contract was 171.1 US cents/kg, up 1.97%. The November 2024 delivery contract was 182.5 US cents/kg, up 2.07%.
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| TSR20 rubber price on the SGX exchange, Singapore. (Image: Screenshot from giacaphe.com) |
RSS3 rubber is traded on the Tocom exchange in Tokyo from 11:00 to 17:15, and from 18:30 to 06:00 (the next day), Vietnam time.
Natural rubber is traded on the SHFE - Shanghai exchange from 10:00 to 12:30 and 13:30 to 16:00, Vietnam time.
TSR20 rubber is traded on the SGX exchange in Singapore from 5:55 AM to 6:00 PM, Vietnam time.
Reference prices for rubber latex in the domestic market.
At rubber companies, the current purchase price of raw rubber latex remains around 283-312 VND/TSC. Specifically, Phu Rieng Rubber Company maintains its purchase price at 285-305 VND/TSC, stable compared to the end of last month.
Binh Long Rubber Company maintained its purchase price at 285-295 VND/TSC. Ba Ria Rubber Company maintained its purchase price at 283-293 VND/TSC. Phuoc Hoa Rubber Company maintained its purchase price at 310-312 VND/TSC.
Domestic rubber latex purchase prices, updated at 8:20 PM on May 30, 2024, are as follows:
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| Domestic rubber latex purchase prices. (Screenshot from chogia.vn) |
According to statistics from the General Department of Vietnam Customs, in the first five months of 2024, rubber export turnover was estimated at US$842 million, an increase of 3.9% compared to the same period in 2023. Export volume of rubber was estimated at 560,000 tons, a decrease of 4.6% compared to the same period in 2023. Export turnover of rubber products alone was estimated at US$480 million, an increase of 14% compared to the same period in 2023.
According to the latest report from the Association of Natural Rubber Producing Countries (ANRPC), global natural rubber production in March 2024 reached 751,000 tons, down 4.5% from February 2024, but up 3.4% from March 2023. Meanwhile, natural rubber consumption is expected to reach 1.29 million tons, down 8% from February 2024, but up 2.9% from March 2023.
Source: https://congthuong.vn/du-bao-gia-cao-su-ngay-3152024-tiep-tuc-muc-tang-khung-323337.html
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