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Benchmark Tokyo rubber prices touched a two-week low as investor sentiment remained mostly depressed amid concerns of a rubber glut in Asia.
Rubber prices in the region initially bounced after China announced its economy grew 6.9% in the third quarter, better than the median forecast of 6.8% in a Wall Street Journal poll of 13 economists. But the move was short-lived amid worries a slowdown in China would weaken demand for the commodity, a Tokyo-based trader said.
A second trader said that a correction lower in rubber prices was to be expected, as prices of the commodity had held up reasonably well in recent weeks.
Asian Rubber Futures
Oct 19 Change from previous close
Tocom Mar RSS3 Y168.7/Kg Down Y3.5
Shanghai Jan SCR5 CNY11,480/tons Down CNY205
Thai May RSS3 THB50.20/Kg Down THB0.60
Sicom Nov RSS3 US 130.1 cents/kg Down US3.2 cents
Sicom Nov TSR20 US 125.0 cents/kg Down US2.4 cents
Asian Physical Rubber
Grade Shipment Oct 19 Oct 16
RSS3 Nov/Dec 132-133 134-135
STR20 Nov/Dec 132-133 133-134
SIR20 Nov/Dec 124-125 127-127
SMR20 Nov/Dec 130-131 131-131
SVR3L Nov 133 133
USS Oct THB40.66-THB41.15/Kg THB41.24-THB41.79/Kg
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