Posted on 02 Apr 2012
Quietly Steadier In Asia
Tocom gained support from a weaker Yen which drifted to 83.00 over the weekend. Prices resumed their rise from where it ended on Friday's kerb session and gained ground to settle the day at 331.1 Yen (2.1 Yen higher than Friday's kerb session or 5.4 Yen higher if compared to last Friday's settlement price). The total volume was 7,142 lots.
Shanghai will remain closed untl Wednesday for Qing Ming (tomb sweeping) holiday.
Singapore closed mixed overnight with RSS3 closing up 0.6 to 3.0 usc/kg and TSR 20 closing -0.2 to + 2.2 usc/kg.
DJ Asian Rubber Settles Higher; Japan March Auto Sales Up 78.2%
SINGAPORE (Dow Jones)--Asian rubber settled higher Monday on the back of
positive Chinese PMI data over the weekend and U.S. consumer spending data
Friday.
Benchmark September natural rubber futures on the Tokyo Commodity Exchange
settled Y5.4 higher at Y331.1 a kilogram, with a weaker yen and a 78.2% on-year
jump in Japan's March auto sales providing additional support.
Japanese March auto sales rose sharply due to state subsidies for
fuel-efficient cars and a lower basis of comparison due to a massive earthquake
and tsunami last March.
A trader in south Thailand said the uncertain situation following bomb
attacks in the south has affected tourism, but the rubber trade hasn't been
affected so far.
September Tocom rubber closed Y0.9 higher at Y332/kg in the night session,
which is considered part of the next trading day.
The Shanghai Futures Exchange was closed for a public holiday and will resume
trading Thursday.
Thai USS3 physical rubber prices rose with the low-output season advancing
toward its peak.
There were no arrivals at the Surat Thani central market Monday.
Asian physical rubber prices were mostly higher on Tocom gains, but trade was
slow due to the holiday in China.
...
-By Huileng Tan, Dow Jones Newswires, +65 6415 4083; huileng.tan@dowjones.com
--Hiroyuki Kachi in Tokyo contributed to this article.
(END) Dow Jones Newswires April 02, 2012 06:43 ET (10:43 GMT)
Copyright (c) 2012 Dow Jones & Company, Inc. 040212 10:43 -- GMT
DJ UPDATE: Global 2012 Natural Rubber Supply To Rise Less Than Expected
-- Global natural rubber production to rise 1.1% to 10.4 million tons
-- January production fell 12.8%, while exports fell 14.6%
-- First-quarter exports expected to drop 6.3% from a year ago
-- Supply "may not be comfortable" even after the wintering season
(Adds 2011 growth in second paragraph, decline in January production of top
three producers in fourth and fifth paragraphs, details about export fall in
sixth and seventh paragraphs)
By Huileng Tan
Of DOW JONES NEWSWIRES
SINGAPORE (Dow Jones)--Global natural rubber production this year is expected
to rise 1.1% from a year ago to 10.4 million metric tons, the Association of
Natural Rubber Producing Countries said in its March bulletin.
The latest forecast is lower than the association's projection of 10.5
million tons a month ago. It is also sharply lower than the 8.6% growth
recorded in 2011.
The downward revision in supply outlook is partly due to a 12.8% drop in
global production in January, largely tracking lackluster Chinese demand, the
association said.
In particular, January production fell 24% in Thailand, 3.2% in Indonesia and
22% in Malaysia. The three countries account for some two-thirds of global
output. Malaysia's production has also been affected by unseasonal rain, ANRPC
noted.
ANRPC expects a 5.1% on-year fall in supply in the first quarter of 2012.
January exports from ANRPC members also fell 14.6% from a year ago, "largely
reflecting a slow demand from China. Slow export demand from China is partly
due to an ongoing shift of light manufacturing to countries with lower wages."
Total exports for the first quarter of this year are expected to fall 6.3%
from a year ago, while exports for the whole year are expected to rise 1.0%
from 2011--another downward revision from the 2.7% anticipated last month.
Still, supply will be tight through April due to seasonal factors, the
association said.
"On account of slow output growth anticipated for the year, the supply may
not be comfortable even if the wintering season is over."
ANRPC members account for 92% of global natural rubber output.
-By Huileng Tan, Dow Jones Newswires, +65 6415 4083; huileng.tan@dowjones.com
(END) Dow Jones Newswires March 30, 2012 07:32 ET (11:32 GMT)
Copyright (c) 2012 Dow Jones & Company, Inc. 033012 11:32 -- GMT