Market and product
Thai rains, steady Chinese manufacturing may help rubber
KOCHI (Commodity Online): South of Thailand continues to witness heavy rains bringing rubber tapping in the region to a halt. This, along with a rebound in crude oil riding the steady Chinese wave may help rubber prices.
The Chinese data suggested 13.3% expansion in its factory output in May compared to April, which saw the rate at 13.4%.
On TOCOM, rubber futures are trading flat except for the July contract which was seen trading at 414.5 yen; a gain of 0.5 yen on 13.50 JST (10.27 IST). Near month contract of rubber, the June contract is trading at 414 yen maintaining a loss of 2 yen, even as far month November contract is trading at 380 yen, a loss of 0.6 yen.
On NMCE, the near month contract of rubber was seen trading in red even as all other contracts are in green. June contract rubber opened at Rs.22650, touched a high of Rs.22799 and a low of Rs.22600. It was seen trading at Rs.22675 in the morning session.
Thailand is the largest producer and exporter of natural rubber and China is the biggest consumer.
